Denmark reports zero bank robberies for first time. Here’s why
Denmark banks: A shift towards online transactions, single payment systems and tight security, led to a significant decline in bank robberies, cash stocks and transactions.
For the first time, Denmark did not report a single bank robbery in 2022 as it is moving towards a cashless economy. A shift towards online transactions, single payment systems, increased camera surveillance, improved alarm systems and cooperation with the police led to a significant decline in the number of robberies, cash stocks and transactions.
According to the central bank data, cash transactions and withdrawals have dropped to around three-quarters over the last six years in the Nordic nation as more Danish people are opting to use cards and phones for payments.
The Danish bank employees' union celebrated the achievement that 2022 had been robbery-free.
Steen Lund Olsen, spokesman for Finansforbundet, Denmark’s Finance Federation, commended the achievement as “just amazing”, Times magazine quoted him as saying.
He said, “Bank robberies put an absolutely extreme strain on the affected employees every time they happened."
“It’s something you can’t even begin to understand the emotional impact of if you haven’t experienced it yourself," he added.
Denmark reported one case of bank robbery in 2022, down from 222 in 2002, as per the figures released by Finance Denmark, the banking sector’s association.
Fraudsters in recent years have turned over to online mode to defraud people.
Around 20 branches across Denmark have cash stocks. Moreover, the number of bank branches has fallen from 219 in 1991 to 56 in 2021, according to the report by Times magazine.
With more nations shifting toward online transactions, they are also reporting a decline in bank robberies, with US banks recording 1,724 robberies in 2021, falling from 7,556 in 2004, the report added.