Cash Remains the Number 1 Payment Method
Even with the number of electronic payments growing exponentially year on year and the media speculation about us one day becoming a cashless society, cash transactions are still the most frequently used payment method in the UK.
In 2016 there were 15.4 billion cash payments by consumers and businesses, which was 25% more than debit cards, the second most frequently used method. It’s clear then that for the foreseeable future, cash is here to stay.
Recent Rise in Cash Crime
In 2013 the UK press published several articles stating that cash crime and bank robberies were declining, but we’ve seen crime in this area rise back up again in the last 4 years in both the UK and America.
In the USA bank robberies rose by 3.5% in 2015 and according to FBI statistics there were 4,251 bank crimes in 2016. In the UK this year, there has been an increase in bank and cash in transit robberies with, for example, 3 bank robberies occurring at 2 different banks on the same street in Birmingham in one month and 13 CIT incidents carried out by a one criminal gang in Manchester and Lancashire.
According to a presentation by London flying squad officers to the gambling industry last year, there has been a huge surge in cash crimes in this sector, with almost 40% of all serious crime being targeted at betting shops and cash in transit from the shop to the bank.
This means we still need powerful and innovative solutions to protect cash, ATMs and associated assets and the personnel who handle them daily in the Banking sector and other sectors such as Retail and Gambling.