Paper or Plastic: Cashless Buyers Increase Privacy Concerns
Tuesday, May 13, 2014 at 3:09PM
Denny Christner in Cyber Liability, Data Breach, Network Security, Privacy

Credit seems to make the world go round. Credit systems have been in place before currency. Credit cards and debit cards are simple to use use and banks have become savoy enough to build spending budgets and tracking systems to help consumers manage their finances. 

The problem with the trend of becoming a "cash less" society is that the electronic transfer of funds jeopardizes our privacy and puts us at risk of financial loss. 

Retailers and all who process payments have gotten much better about protecting themselves and consumers. However, there is still much work to be done. When major box stores and software companies that have security measures and staff in place that cost them billions per year, you would think that we would not be experiencing data leaks and hacks. 

All of this cyber risk and news of privacy breaches makes it tempting to ditch the cards and go back to cash. Since that is unlikely to happen anytime soon, we need to learn from our mistakes as a society and try to correct problems before they occur then fix them when they do. As for the next generation, we should be teaching them to treat credit cards and debit like cash. This picture could as well be my son. We practice counting cash and charge and we teach him the value of a dollar, something that maybe is not done enough. As we move to less and less cash and more electronic transactions, it's very important our children understand the value behind it. At the same time, we can teach them the basics about how credit works and why it is so important to keep our information safe. 

Article originally appeared on Insurance 4 Technology (http://www.insurance4technology.com/).
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