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The Expert Explained Why Cash Withdrawal Is Impossible: Hackers Are Worse Than Coronavirus

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Cash can be banned because of the coronavirus! ” - Such frightening headlines began to flicker in the media in recent days. Against the backdrop of the global fight against the COVID-19 pandemic, some epidemiologists have stated that banknotes and coins are an ideal carrier of infection. So, the best way to protect your health is to not pick them up at all. Is a complete rejection of “living” money possible in the foreseeable future? How does the transition of a number of large online stores to total cashless fit with the law on consumer protection? Who is ready to vouch for the security of digital money on bank cards and online wallets of Russians?
The expert explained why cash withdrawal is not possible: hackers are worse than coronavirus.

Whether the phrase “money under the pillow” will go into the past in the new world after the coronavirus is understood by MK.

There will not be and cannot be a full transition to cyber money, experts in the sphere of cash circulation reassured. Not a single state is ready to present such a gift to hackers even in the most severe crisis.

- Any crisis, natural, technological, economic, in any country of the world always pushes to the growth of cash circulation. There is no reverse process, says Sergey Barsukov, president of Profindustriya, a company that sells cash servicing equipment. - Cash is an absolute means of payment, which cannot be said about e-wallets. They do not guarantee 100% payment, because there may be cyber threats, the lights may turn off, and payment terminals in stores may not work.

In addition, according to the conclusion of the European Association of Carriers of Values, drawn up at the end of March in response to a WHO statement about the dangers of cash, banknotes and coins are not more dangerous than any other surfaces. There is still no scientific evidence to the contrary.

Another factor against the switch to non-

cash in Russia, which the expert noted, is the lack of public confidence in banks and the low yield on deposits: - In the face of uncertainty, people withdraw cash. They are easier to keep at home. If you now look at the rates at banks, this is actually equivalent to keeping money at home under the pillow. For the consumer, the rejection of cash is a risk of losses due to possible problems of the banking system, while the profitability is low.

However, experts do not deny that in certain areas of the economy there will be a transition to cashless payments with consumers. But even in online retail it will not be complete. First of all, because the refusal to accept paper money from the buyer is a direct violation of the law on consumer protection. World experience also speaks in favor of the fact that one cannot finally refuse cash.

“For example, the first time the American online retailer Amazon delivered it only by bank transfer, but then the authorities obliged it to switch to cash payment with customers,” said Sergey Barsukov. - In general, there is a trend in the world to reduce the circulation of cash. Somewhere it's 30/70, somewhere 40/60. In our country, a number of factors must be taken into account: a large number of elderly people who do not own digital technologies and can only use cash, remote territories, as well as problems with communication and the Internet that occur after natural disasters.

Finally, the main question - which is worse, coronavirus or hackers? Experts are convinced that no one will guarantee the safety of money on virtual accounts. At the end of March, even the Moscow Central Directorate of the Ministry of Internal Affairs issued a memo for young Muscovites with tips on how to warn their elderly relatives of scammers and not let themselves be deceived. As Barsukov noted, our country is still a bit behind cyber threats from the United States and the countries of the Eurozone. However, this is not a reason to relax:

- Social engineering is now actively gaining momentum. Fraudsters call and ask them to tell them the pin code from the card, transfer funds to the account. With cash, this is not possible. It’s hard to imagine what they would say “put money in front of the door and close the door”, and you will obey.
 
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