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Cheques being phased out in Australia by 2030

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Halcyon:
Interesting article in the news today: https://12ft.io/proxy?&q=https%3A%2F%2Fwww.smh.com.au%2Fpolitics%2Ffederal%2Fcash-no-longer-king-but-it-s-not-dead-australians-follow-the-money-to-digital-wallets-20231020-p5eds7.html

Basically the takeaway point is that Australian citizens are increasingly moving to digital payment systems, instead of cash, which means in a lot of cases, managing ATMs has become a cost burden with a significant drop in the number of machines installed throughout the country.

And whilst Australia isn't a cashless economy "just yet", it seems surprising that biggest reduction in cash users was actually elderly people. Seems you can teach an old dog new tricks?

From a fraud perspective, the use of banking applications give end-users almost real-time information on transactions that occur. Which allows for faster response in disabling cards, disputing transactions and recouping the money.

SiliconWizard:

--- Quote from: Halcyon on October 22, 2023, 09:49:56 am ---And whilst Australia isn't a cashless economy "just yet", it seems surprising that biggest reduction in cash users was actually elderly people. Seems you can teach an old dog new tricks?

--- End quote ---

I'm not all that surprised for this particular point. Using a card instead of cash is easy, so doesn't require any particular knowledge or affinity to new tech, it's actually easier for the elderly as it doesn't require them to count bills and coins (or even see them correctly as their eyesight degrades), plus that removes the fear of being robbed. And finally, older people, apart from a minority, probably don't care very much about the privacy of their transactions anymore compared to younger people. So yeah, not surprised about this at all.

vk4ffab:

--- Quote from: SiliconWizard on October 22, 2023, 07:43:58 pm ---
--- Quote from: Halcyon on October 22, 2023, 09:49:56 am ---And whilst Australia isn't a cashless economy "just yet", it seems surprising that biggest reduction in cash users was actually elderly people. Seems you can teach an old dog new tricks?

--- End quote ---

I'm not all that surprised for this particular point. Using a card instead of cash is easy, so doesn't require any particular knowledge or affinity to new tech, it's actually easier for the elderly as it doesn't require them to count bills and coins (or even see them correctly as their eyesight degrades), plus that removes the fear of being robbed. And finally, older people, apart from a minority, probably don't care very much about the privacy of their transactions anymore compared to younger people. So yeah, not surprised about this at all.

--- End quote ---

What it does do is introduce a whole new set of problems for them because of digital illiteracy in the older population and that is a tendency to be susceptible to scams. One almost needs to act like a tin foil hat conspiracy theorist to protect themselves from scams. Thankfully i get so few calls, texts or emails from scammers, but it takes take some effort to stay on top of things. My phone number according to jlc and other online businesses I buy though is 555123456 and my email address is disposable, because you just know that those aliexpress stores ya buy though are going to share your details with the Industrial Scam Factory Concern. HAHAHA

Halcyon:

--- Quote from: vk4ffab on October 23, 2023, 09:34:55 pm ---
--- Quote from: SiliconWizard on October 22, 2023, 07:43:58 pm ---
--- Quote from: Halcyon on October 22, 2023, 09:49:56 am ---And whilst Australia isn't a cashless economy "just yet", it seems surprising that biggest reduction in cash users was actually elderly people. Seems you can teach an old dog new tricks?

--- End quote ---

I'm not all that surprised for this particular point. Using a card instead of cash is easy, so doesn't require any particular knowledge or affinity to new tech, it's actually easier for the elderly as it doesn't require them to count bills and coins (or even see them correctly as their eyesight degrades), plus that removes the fear of being robbed. And finally, older people, apart from a minority, probably don't care very much about the privacy of their transactions anymore compared to younger people. So yeah, not surprised about this at all.

--- End quote ---

What it does do is introduce a whole new set of problems for them because of digital illiteracy in the older population and that is a tendency to be susceptible to scams. One almost needs to act like a tin foil hat conspiracy theorist to protect themselves from scams. Thankfully i get so few calls, texts or emails from scammers, but it takes take some effort to stay on top of things. My phone number according to jlc and other online businesses I buy though is 555123456 and my email address is disposable, because you just know that those aliexpress stores ya buy though are going to share your details with the Industrial Scam Factory Concern. HAHAHA

--- End quote ---

There are some pretty dumb and gullible younger people out there too. In my experience with dealing with older folk, I'd suggest that even though they might not be clued up on the latest technology, they have life experience and aren't silly either.

Some statistics released for 2021-2022 showed that those 65 and older were actually the second lowest group who had been exposed to scams overall. The highest number came from the 35 to 44 year age group.

Now of course there are several ways to read into statistics, and you could argue there are more people in the younger age group which means higher instances of fraud. But nonetheless, it's interesting anyway.

https://www.abs.gov.au/statistics/people/crime-and-justice/personal-fraud/latest-release

TimFox:
Many of us older people are slow to adopt new schemes of dubious improvement over current schemes because we were not born yesterday.

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