Are Growing Online Security Threats Causing Consumers to Carry More Cash?

    May 08 2014

    Unless you've been under a rock lately, the digital world is on fire with concerns regarding Internet wide safety after some recent announcements showed just how fragile digital security can be when dealing with some of the most ingenious, and ruthless, minds around. While this obviously affects online banking and other industries that handle and transfer currency in a virtual setting, you are probably wondering what this has to do with your brick-and-mortar shop, right? By sifting through what has happened recently, as well as looking into some eye-popping statistics, you'll soon understand why the commotion starts with the outrage surrounding Heartbleed and ends with protecting an influx of cash into your store with currency counting machines.

    The Digital Security Panic

    The place this all begins is with one of the biggest messes in Internet history. On April 7, the digital security industry learned that, despite its best efforts, a bug known as Heartbleed had infiltrated secure servers for some of the biggest sites on the web – two years ago.This stunning revelation and the realization that the security threat had already sniffed through mountains of private information sent businesses and consumers alike into a frenzy. Even with a month's time gone by, concerns about the lasting ramifications, and the potential for a relapse, have plenty of industries, and the customers they service, playing things safe.

    Finding a Trend in the Heartbleed Response

    Perhaps the most amazing part of the backlash surrounding the Heartbleed announcement was how quickly consumers shifted toward carrying more cash and shying away from virtual transactions. The only thing more impressive than this development is the fact that this trend actually started in January, several months before news of Heartbleed even made its way to the public.

    In fact, the report released at the beginning of the year by the Associated Press noted that 50 percent of respondents were extremely concerned about the risk of another breach hitting not only online vendors, but electronic payment options in stores. In another question from the survey, 37 percent noted that they had limited their transactions to currency only in recent months because of these fears. In short, the Heartbleed hysteria only exacerbated an already growing trend of more and more consumers flooding the market with bills and coins.

    So What Does This Mean for Your Business?

    So, if more of your customers are trending toward bringing in wallets and purses full of cash, all while leaving the credit cards at home, chances are you might not be able to handle this increased load on your backroom operations. Unfortunately, it might seem like things are going okay now, but the reality is that the issues surrounding weak cash management and storage are often easily hidden by daily operations and the hustle and bustle of a busy business. The only really way to restore balance in the sorting and storage process is to bring in tools, like currency counting machines, that can help ease the burden on your employees and ensure that the records always reflect what is really coming in from customers who would rather keep things simple with cash.

    Andrea Lombardi

    Andrea Lombardi

    Andrea joined the CashTech team upon its inception in 2003. Learning the business from the ground up, she now utilizes her expertise in account management, planning, and negotiation while managing the daily operations of CashTech’s sales, marketing, and logistics departments. Andrea holds a bachelor’s degree from the University of Western Ontario. She enjoys travelling and has a passion for personal fitness, including obtaining her kettlebell certification. Andrea lives in Toronto with her husband and two young sons.

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