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Why we lose track of spending in a cashless society

Between outright fraud and honest commerce there may be a sharp legal line — but economically and psychologically the distinction is a gradual blur. The pandemic, with its shift to contactless or online spending, has served to catalyse the process further. Consider the scam-adjacent website: the principal service it provides is to solve a problem it has paid to create — namely that the official website isn’t as prominent in web searches as it might be. Read More...

Between outright fraud and honest commerce there may be a sharp legal line — but economically and psychologically the distinction is a gradual blur. The pandemic, with its shift to contactless or online spending, has served to catalyse the process further. Consider the scam-adjacent website: the principal service it provides is to solve a problem it has paid to create — namely that the official website isn’t as prominent in web searches as it might be.

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