Pay With Cash And Starve The Banks! CASH IS KING!

Ozzie Pineapple

Understand the importance of CASH and why we should pay cash everywhere with banknotes instead of a credit card…

I have a $50 banknote in my pocket. Going to a restaurant and paying for dinner with it. The restaurant owner then uses the bill to pay for the laundry. The laundry owner then uses the bill to pay the barber. The barber will then use the bill for shopping.

After an unlimited number of payments, it will still remain a $50, which has fulfilled its purpose to everyone who used it for payment and the bank has jumped dry from every cash payment transaction made..

But if I come to a restaurant and pay with a credit card digitally, the corrupt bank fees for my payment transaction charged to the seller are 1.5% who charges you the card owner 3% card fee some times.

Now, you repeat the process for laundry, the banner, fuel for your car, groceries and this fee escalates and you’re out of pocket more and the banks are reaping the rewards of making money off your transactions by doing absolutely NOTHING!

Depending on which way you calculate it,

One way to look at it is, after 34 $50 transactions, the banks have netted $51 in 3% fees!

So it only takes 34 transactions for the banks to obtain 100% of the value of the amount originally transacted. Not a bad scam at all if you can get a bank license!

Another way to look at it is the reducing value method. The first person pays $50 and the seller of the goods and services receives that less the 1.5% fee collected by the credit card company.

Do that 46 times and the bank now have half the original $50 in fees!

All thanks to all digital transactions and fees.

Now do you understand another reason why the banks want to remove cash and lobby the pollies so hard to ban it? They want a monopoly on transactions so they make more money!

And don’t even think about the amount of control that can b e exercised over a population by a tyrannical government who have access to the off switch for your central bank digital currency account!

So get off your arse, walk to an ATM, pull cash out, and pay with cash…don’t worry, it will be worth it because the walk you did to the ATM can count towards your daily steps…. bonus!

Don’t Be Scammed!

Australians are being urged to learn how to spot a scam after damage has doubled over the past twelve months.

Combined losses of over $2 billion were reported last year and that figure is expected to reach $4 billion this year, with incidents reported to Scamwatch already significantly higher than 2021.

Gone are the days when most of us were reasonably certain we could spot a ‘Nigerian Prince’ suggesting we were his long-lost relative. And following the recent hacking of Optus and Medibank Private data (amongst others) we are being urged to be even more wary of targeted emails.

ACCC Deputy Chair Delia Rickard warns that scammers evolve quickly, and their tactics are becoming increasingly sophisticated and unscrupulous.

“There have been hundreds of reports to Scamwatch in the weeks after the recent high profile data breaches and that is expected to continue”, Rickard says.

“Cyber criminals have capitalised on the data breach by impersonating government departments and businesses to carry out identity theft and remote access scams.”

The ACCC offers the following tips for avoiding scams.

Stop

– Take your time before giving money or personal information to anyone.
– Scammers will offer to help you or ask you to verify who you are. They will pretend to be from organisations you know and trust like a business you deal with, police, government or fraud service.

Think

– Ask yourself could the message or call be fake?
– Never click a link in a message. Only contact businesses or government using contact information from their official website or through their secure apps. If you’re not sure say no, hang up or delete.

Protect

– Act quickly if something feels wrong.
– Contact your bank immediately if you lose money or personal information or if you notice some unusual activity on you cards or accounts. Seek help from organisations like IDCARE and report online crime to ReportCyber. Help others by reporting scams to Scamwatch.

Take precautionary action now

– Make your accounts as safe as your home. Set up extra steps on your accounts to stop people getting in.
– Add more steps to show who you are when you log into your online services and apps. This is called Multi Factor Authentication.
– This could be a code sent to your phone, a token or secret question. Your face or fingerprint or voice can also be the key to let you into your accounts.
– Ask your banks and service providers how to add more checks so no one can pretend to be you. And don’t forget to tell them if you have been in a data breach.

As part of the national scam prevention campaign, the ACCC is rolling out a series of short educational videos, featuring simple and practical tips to help people identify and protect themselves from scams. These are being shared on social media and available to view on YouTube and the Scams Awareness Week web page.

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