No cash, no bank heists in Denmark; criminals now go online

Category: Business

Listening

Unlocking Word Meanings

Read the following words/expressions found in today’s article.

  1. Nordic / ˈnɔr dɪk / (adj.) – related to people or countries of northern Europe, such as Scandinavia
    Example:

    Finland, Sweden, and Iceland are Nordic countries.


  2. opt / ɒpt / (v.) – to choose something instead of other choices
    Example:

    We opted to take the train instead of the taxi.


  3. strain / streɪn / (n.) – a feeling of stress or pressure because something is too much or too difficult
    Example:

    Working and attending university at the same time caused me a lot of strain.


  4. peak / pik / (v.) – to reach the highest amount or level
    Example:

    The number of tourists peaks during summer break.


  5. surveillance / sərˈveɪ ləns / (n.) – the act of carefully watching an area, person, or activity, especially to avoid and detect a crime
    Example:

    The police will carry out surveillance on the area to look for the bank robber.


Article

Read the text below.

For the first time in years, Denmark hasn’t recorded a single bank robbery. There wouldn’t have been much point.


Cash transactions in the Nordic country have become virtually obsolete, with Danes increasingly opting to use cards and smartphones for payments.


The Danish bank employees’ union welcomed the news that 2022 had been robbery-free.


“It is just amazing. Because (robberies) put an absolutely extreme strain on the affected employees every time (they) happened,” spokesman Steen Lund Olsen said in a statement.


Finance Denmark, the banking sector’s association, said only about 20 bank branches across the country have cash holdings. But then the number of bank branches has fallen from 219 in 1991 to 56 in 2021, it said.


News reports noted that cash withdrawals in Denmark have been dropping by about three-quarters every year for the past six years.


In 2000, 221 bank robberies were recorded, Finance Denmark said. In 2021, there was just one.


Initially, robbers switched their attention from bank branches to automatic teller machines, with such attacks peaking at 18 in 2016. But those too have come down to zero amid better surveillance and technical protection, the industry association said.


Finance Denmark said criminals in recent years have turned to defrauding people online.


This article was provided by The Associated Press.


Viewpoint Discussion

Enjoy a discussion with your tutor.

Discussion A

  • For the first time in years, Denmark hasn’t recorded a single bank robbery. Does bank robbery happen in your country? Do most people trust banks in your country? Discuss.
  • How similar is the banking situation in Denmark as explained in the article from the situation in your country? Discuss.

Discussion B

  • Which do you think is a safer option for payments, using cash or using cards and smartphones? Why? Discuss.
  • How would you protect yourself from possible online bank criminals (ex. keeping passwords safe, logging out of devices)? Discuss.