Electronic Money

What Do You Really Own?

The concept known as electronic representation of property occurs when holdings such as bank accounts or investment portfolios are reduced to mere entries in a vast computer data base. This dematerialization of wealth and assets does not occur in a time warp. Yet, this theory of abstract relativity [...]

Life in the Electronic Fishbowl

The number of checks written in the United States began to decline in the mid-1990s. Electronic payments, using credit and debit cards, have increased almost fivefold in two decades and now exceed the number of checks written. The Check Clearing for the 21st Century Act, was recently passed and [...]

Government to Go Cashless in 1999

The Department of the Treasury will implement a new law that requires all Federal payments, except tax refunds, to be made electronically beginning January 2, 1999. This new initiative, required by the Debt Collection Improvement Act of 1996, was passed by Congress as part of the Omnibus [...]

BRITISH SMART CARDS INVADE AMERICA

Seven major U.S. firms have put their clout behind the Mondex “electronic cash on a card” system. The companies, which include Wells Fargo, AT&T, and Chase Manhattan Bank, are forming a group to market the “stored value” cards in the USA. Mondex was formed by [...]

What are the Dangers in a World Without Cash?

Are we witnessing the end of money? “Yes,” replies currency expert Andrew Gause. “And we should be scared as hell.” Gause, who has been tracking our trend to a cashless society for the past 10 years, predicts that by the year 2000, 99.5 per cent of all financial transactions [...]

Cyber-theft costs banks billions

Financial institutions are, understandably, very tight-lipped about breaches of their security and cash management systems. When Russian hacker Vladimir Levin discovered a way to electronically siphon off more than ten million dollars from Citibank of New York, via computer from his home office in [...]

Manhattan to go “Cashless”

Chase Manhattan, Citibank, Visa and Mastercard will team this fall to issue 50,000 “chip-based” stored value smart money cards to their customers for use in 500 retail locations throughout [...]