As we live in an era of unprecedented technological growth, we find ourselves pondering the implications of these advancements on various aspects of our lives, most notably crime. As we progress towards an increasingly cashless society, and as digital currencies make their debut, we find ourselves asking: will certain crimes become obsolete?
Companies such as Amazon are already experimenting with cashless systems that tie your financial assets to your fingerprints or retina scans, a concept that is both thrilling and daunting. But, as governments worldwide move towards a Central Bank Digital Currency (CBDC), it appears that crimes such as fraud, certain thefts, and identity theft may soon become a thing of the past. With digital money tied to your identity via biometric data, it would become significantly more difficult for thieves to steal.
Identity theft, in particular, may see a drastic reduction with the implementation of CBDCs. Because biometric data is unique to each individual, replicating such data for fraudulent purposes would be significantly more challenging than stealing traditional forms of identification, such as credit card numbers or social security numbers1. Furthermore, with biometric data, the risk of losing or forgetting one's identification is greatly reduced, providing an additional layer of security.
However, while it may appear that the rise of CBDCs and biometric identification will render certain crimes obsolete, it is important to consider that technology is a double-edged sword. As technological advancements make it more difficult for traditional crimes to be committed, they also open the door for new types of crimes to emerge. The world of cybercrime is ever-growing and constantly evolving, making it a significant threat in our increasingly digital world2.
In particular, as we move closer to a cashless society, the risk of cyber attacks and computer-related crimes increases. Cybercriminals are continually developing new and sophisticated ways to bypass security measures and exploit vulnerabilities in digital systems3. As a result, while some crimes may become less prevalent, others may rise in their place.
Additionally, while biometric data provides a robust form of identification, it is not completely infallible. Biometric data can be stolen and replicated, and once stolen, it cannot be changed like a password or a PIN. This presents a serious security risk, as a successful cyber attack could result in the permanent loss of an individual's biometric data4.
Moreover, the implementation of CBDCs raises questions about privacy and surveillance. With each transaction recorded and traceable, the potential for misuse of this data is a significant concern. Governments and corporations could potentially use this data for surveillance purposes, leading to a loss of privacy and civil liberties5.
While the progression towards a cashless society and the implementation of CBDCs may make certain crimes more difficult to commit, it is clear that they will not render crime obsolete. As technology evolves, so too does crime. While the face of crime may change, the underlying issues persist.
It is therefore crucial for those working within municipal management to stay abreast of these changes and adapt their strategies accordingly. As we move into this new era, it is essential to focus on developing robust cybersecurity measures, ensuring the privacy and security of citizens' data, and maintaining an open dialogue about the implications of these changes on our society.
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Burnett, Samuel, and Nicholas Weaver. "Biometrics: A Look at Facial Recognition and Privacy." Security & Privacy 17, no. 3 (2019): 22-30.
Cybersecurity & Infrastructure Security Agency. "Understanding the Digital Theft of Your Identity." Accessed March 15, 2022.
Goodman, Marc. Future Crimes: Inside the Digital Underground and the Battle for Our Connected World. Transworld Publishers Limited, 2015.
Juels, Ari, and Ronald L. Rivest. "The Privacy and Security Risks of Desynchronization in a Time-Based Stream Cipher." In International Workshop on Cryptographic Hardware and Embedded Systems, pp. 383-396. Springer, Berlin, Heidelberg, 2003.
Petit, Nicolas. "Central Bank Digital Currency: Central Banking for All?" Journal of Financial Regulation 7, no. 1 (2021): 1-17.