The Impact Of Cashless Transactions On Fraudulent Cases: A Case Study Of Singapore

Background of the Study

The development of science and technology has led to the introduction of new and innovative tools and techniques that have made life easier for human beings and have even improved their standards of living. One of the essential elements that is associated to the everyday life of a human being has been day to day transactions that one needs to make in order to communicate with the society and obtain their daily needs and desires (Khanna 2017). It is because of this factor that there have been several machines and tools that have been introduced globally so that the financial transactions that are taking place daily can be improved.

With the advent of digitalization, there has been incorporation of various technological tools and equipment that assists in easing the financial transactions of human beings but accordingly have led to the creation of various risks that can have adverse impacts on human beings as well.  

In the earlier days people used to make transactions and make payments through cash, but after the incorporation of bank accounts and the development of bank debit and credit cards, human beings are able to make payments without the use of cash. The development of internet globally have made payments closer and easier to the customers as internet banking thereafter became the most easy and normal to undertake rather than visiting a bank for the purpose of checking balances, transferring money and making payments in an effective manner. The development of the mobile phones into smart phones has been one of the essential factors that have made mobile banking to be a necessity and a trend even when the customers do not have access laptops and desktops in order to access internet (Kumari and Khanna 2017). There have been several mobile applications that looks to cater the distinct demands and the needs of the customers like the payment of the bill, funds transfer and more. The transfers and the payments then became the easiest and the simplest way of transaction and this is done by taking assistance of the frameworks and the structures that are available. With respect to the utilisation of cards, like the swiping of the cards, there has been an upgradation of the technology in which in the current time period, one can just tap the card with the help of which transactions can take place without even making any contact. There are several contactless payment processes like the Android Pay, Apple Pay and Samsung Pay etc that ease the process of transactions just by making use of smart phones (Jumoke, Olugbenga and Mudasin 2015). There have been development of e-wallets and digital wallets that includes the WeChat Pay etc that are linked to the bank account of the users and are currently extensively used in China and cashless transactions are used even in taxis and road side stalls.  It is seen that payment through face scan is a future trend so that customers can even undertake payments without keeping any evidence on hand. The customers just need to scan their face and thereafter enter their account name and passwords.

Literature Review

The advent of users permits the users to make online purchases in a convenient manner and even provides benefits and opportunities for the criminals to undertake scams and fiddles. One of the well-known scams that have taken place with the help of internet is the fraud related to purchase in which the scam makers gather the credit card and internet banking information of the internet users and even the PIN numbers with the help of which they have the ability to withdraw money from the bank account of the victims (Odiboh, Oresanya and Ekanem 2016). The scams that involve investments look for people who are looking for fast and rapid returns and have low level of self-control. Furthermore, the easiness of transfer of funds with the help of using the internet, smart phones and other electronic gadgets makes the level of scams easier for the ones who are making the fiddles. The willingness of the individuals to undertake investments that are risky replicates their demand and desire for immediate satisfactions. Ejoh, Adebisi and Okpa (2014) addressed that there has been a significant rise in the level of the financial scams with the help of cashless transactions like the lottery scams and the other kinds of scams as the victims would be able to transfer their money to the scam makers unlike withdrawing hard cash. In Singapore, there has been significant level of development in the cashless transactions in the society and therefore it is essential to undertake a research on this topic with the help of which an understanding can be attained as to whether the cashless society is improving the lifestyle and the financial transactions of human beings or is creating bigger scams and losses that are leading to dissatisfaction and financial losses for human beings. Singapore is a developed country and therefore an assessment of this country will be effective in understanding the effectiveness and the threats related to cashless transactions.   

The aims and objectives of the research looks to address the aspects and the elements that are creating issues in the process of cashless transactions and therefore these issues needs to be addressed in an effective manner in order to complete this paper in an effective manner and creating a safe and secured cashless transactional society. The aim of the paper has been explained as follows:

• Examine whether cashless society is beneficial or it would bring in harm and damage as the total number of scams increases

The objectives of the paper have been explained as follows;

• Recognise the cashless payments options that are available
• Discover to what degree is Singapore is moving ahead towards cashless society
• To explain what are the factors that lead to the increased number of cases in accordance to frauds and scams
• To assess the relationship among the cashless society and the development of the fraudulent cases

Cashless Payment Methods

The research question addresses the questions that need to be answered in this paper in order to have an understanding of the issues and accordingly take steps in order to complete the paper in a precise manner. The research questions related to this topic have been explained as follows:

Q1. How has the number of fraudulent cases increased with the development and the availability of more cashless options?

Q2. Is there a pattern that there is a rise in the level of scams as the society moves towards the cashless activities?

This research paper has been undertaken as there has been changes that are taking place in the economy along with the changes that are taking place within an organization. The changes that are taking place within the economy as well as in the organization leads to the thinking that whether cashless society is creating a benefit to the society or is creating a problem as the level of scams are increasing. It is essential to gain the understanding whether cashless society is helpful for the economy and the human beings or is having an adverse impact on the society so that adequate steps and measures can be taken with the help of which these issues can be resolved and accordingly the economy of Singapore would have secured and safe cashless society.   

This section of the paper has looked to address the background of the study that is related to the topic that has been undertaken and accordingly an idea can be obtained with respect to the development of the cashless society and how the companies and the individuals who are associated with cashless transactions undertake these kinds of transactions and what have been the changes that have taken place in the cashless society with the advent of time. This section has even provided the research objectives and the research questions with the help of which the paper can move forward.

This literature review that is framed for a research paper has the intention of explaining the aspects and the variables that have been addressed by other researchers who have undertaken researches on similar research papers and accordingly an idea has been obtained as to what are the variables that are associated to the cashless society and gaining an idea about the pros and the cons related to the cashless society and their platforms.

In the previous few years, there has been a development of various processes for the purpose of making payments. Some of these methods are inclusive of transferring money with the help of mobile with the help of Short Message Service, Near Field Communication and Quick Response Codes. use of SMS has been observed in in the television shows, purchasing tickets or having a friendly chat with friends (Emengini and Alio 2014). The SMS technology has always been functional as it works as a remote communication basis with the help of GSM and EDGE networks among the one and the others.

Development of a Cashless Society

This code is known as a 2D based bar code that is scanned with the help of mobile phones by making use of a network on the phone browser of the mobile. In the similar manner, the users of this technique enter their credit and debit card information so that any transactions can be undertaken with the help of this process (Thiemann and Hütten 2017). The QR code is even used for the purpose of verification for certain purchases like taking the boarding pass in order to board a flight. This code can be directly scanned on the mobile phones by agent of the flight and thereby reduces the time gap between examining the boarding pass manually. However, this process requires further development in the field of making cashless transactions as there are several faults associated with this process.

This is one of the more innovative and the most sophisticated process within the RFID technology, which acts as a subset of the RF technology. This process is reliant on a wireless but within a limited proximity transmission from one mobile phone to the other or to the reader at the optimum range of 10 cm. An assessment was undertaken by Khanna (2017) that recommended that the rise in the usage of the process of cashless payment would generate a cashless society, which has been a topic that has been argued in an extensive manner among the information technology people, banks, politicians and organizations. In a society that would be cashless, the process of payments can be made at the vending machines that would be unmanned, a manned point of sale, with the use of the internet, utilising the mobile phones, smart cards and PDAs and other modes of electronic payments like the use of the credit and the debit cards. The generation of a cashless society leads to a complex issue. If the cashless society is to succeed, then it would have a positive impact on the economy with respect to health, crime and the environment as a whole. In a time when the future of the state or a nation is taken up for the purpose of discussion, effective financial savings and effective developments are essential features for the future development and welfare (Bátiz-Lazo, Haigh and Stearns 2014). Conversely, paying is an intrinsic social communication that every one of them takes participation on a frequent basis and hence that kind of paying is so general that it has become very difficult to make any changes.

Research Objectives

In the early days of 2000s, the contents and the services of the mobile phones like the ringtones and the logos were very attractive and thereby made payment through the mobile services an attractive topic that has been able to overpower the internet operations as well. In the latter period of time, payment with the help of mobile has been a substitute of the micro payments at the POS, where the utilisation of cash has been falling by the years (Cywi?ski 2017). There have been development of several mobile based and electronic payment methods with the advent of time, but it is seen that most of them have been failures or had low level of penetration ability. It is essential to make a note of the fact that the payment concept is a general act which cannot be altered as the process of payment in most of the countries are done in the similar manner and therefore it would turn out to be a greater issue if all the countries had their own process of electronic payment process. There are additional issues that develop when the organizations frame their own process of electronic payment system. Odiboh, Oresanya and Ekanem (2016) agrees with this explanation and addresses that the payment process needs to be standardised in order to be incorporated by the customers. One of the successful electronic payment processes has been PayPal which was established in the year1999.     

With the advent of time, there has been development of several kinds of payment systems that have improved the financial transaction process of the consumers and have eased up the life of the individuals. It is even seen that there has been contactless payment processes have even been developed that are useful in reducing the time gap that is taken in order to undertake a payment either with cash or even with the banking solutions (Lobel 2016). In the present time period there has been development of internet banking facility with the help of which the customers can even access their bank accounts and other transaction methods by just using their desktops and the mobiles. The maintenance of various tools and technologies that assists in the reduction in the internet scams and frauds are helpful in the development of the cashless society and the use of electronic payment system (Chen, Ardila-Gomez and Frame 2017).

There has been a lot of discussions on the basis of the ease and convenience of electronic cash and the amount of time it saves for an entity and the and the simplicity of the access that leads to the money being available very easily without having to be undertaken while on the other hand the exchange of the currency will not be available. The cashless society would lead to an increased level of control as the movement from the electronic money to cash is a segment of a well framed process to unify the world and thereafter manage the same with the help of the currency (Naidoo, Inderpal and Karodia 2014). It would lead to an extensive development in order to bring in economic uniformity all the over the globe. A cashless society will additionally lead to the development of globalisation that would be a feature of the current time period. The computerised processes can be utilised in order to minimise the extent of the paper trails. Also by substituting the paper with the help of the cashless credits and transfer of money through electronic process it would be helpful in minimising the level of illegal activities like crimes, terrorism, trading of drugs, human trafficking, illegal immigrations and corruptions. The cashless society would go a longer way in order to make the earth and the society a better place by minimising the level of criminal activities (Perry and Ferreira 2018). The paper cash that is physical in nature cannot be traced is unaccountable and is very easy to conceal, lose and counterfeit and this kind of money will not be traced. In this manner, it is observed that paper cash has permitted to the development of all kinds of criminal operations. Conversely, in an economy that is cashless in nature, this will develop when few of the crimes have been completely eliminated (Felix, Kenneth and Rebecca 2015). The crimes that are violent in nature like the robberies in the banks, cash theft by the employees, armed thefts, purse snatching and kidnapping for attaining ransom would be reduced by a significant margin if not eliminated due to the fact that individuals would be reducing the extent of cash that is generally carried by them. The illegal trades and human trafficking businesses are reliant on cash and therefore the development of the cashless economy would lead to a disruption in these illegal activities. Another aspect that is generally avoided by the consumers has been the fact that transactions that are made by cash even leads to the spread of various kinds of diseases (Jain 2017). It is seen that the paper notes are handled by various consumers and therefore several kinds of diseases and viruses are spread throughout the environment and thereby creating chances for various kinds of diseases. The development of the cashless society leads to a reduction in the risk of disease transference. The consumers would become less prone to sickness due to the disease contamination from the bank coins and notes as paper currencies have been recognised as the carrier for disease and the channel of the transmission of the diseases. By looking at the point of view of the consumers, payments with the help of mobile phones have certain benefits like in the avoidance of a queue, freedom of place, time, enhancement and the speeding up of the services and easy access to the payment services (Tee and Ong 2016). By assessing the notion of the banks, the cashless society leads to certain benefits that are in the form of savings. The bank managers and the cashiers would be redundant and therefore only a limited number of employees are essential in order to serve the self-service counters. On the part of the government such a society is not demanded as this would be lower the number of jobs within a country and thereby lead to challenges like the rise in crime and insecurity within the economy (Kumar 2017).          

Research Questions

The other benefit that is seen among the banks have been the possibility of a fall in the cost of production of the cards when the consumers are looking to pay with their individual mobile phones or their individual payment card, data on the paper is then transferred together with the money and thereby deleting the requirement for the bonus, loyalty and member cards.

A cashless society is looked upon to be the one where the individuals make use of the debit and the credit cards and thereby reducing their amount of cash in the wallet. It is believed that the community which is cashless has various benefits (Arvidsson, Hedman and Segendorf 2016). It is seen that in the cashless society there is no requirement for the individuals to maintain cash in their wallet and rather maintain a card or any electronic payment process with the help of which they can undertake transactions in a precise manner. This reduces the chances of any kind of thefts and reduces the issues that are related to the carrying of cash and eliminates the issues that are observed when undertaking transactions of odd amounts and there are no risk of attaining currency that are counterfeit (Humbani and Wiese 2017).

The other benefit that is observed for the cashless economy has been observed that it becomes simpler for the economy to track the black money and the transactions that are taking place illegally because if the cash is used only for the purpose of making direct illegal transactions then it would be not be easy to detect the same as the money would not be coming to the banking system (Dhanda and Arora 2017). However, if the transactions are undertaken with the help of digital transactions, then a track can be maintained over the money and any kind of illegal transactions that are taking place can be discovered and therefore all the transactions remain transparent and thereby lead to reduction in the level of corruption in the economy of a nation.

The other benefit that has been observed in the cashless economy is that as all the transactions would take place with the help of an organized medium especially through financial organizations and banks, it will lead to a rise in the revenue from tax for the government and even for the transactions that have been taken for cash, which were done in an illegal manner before coming to the banking process which in a manner assists the government in keeping track of all the transactions and thereby incurring tax on them which would be used by the government for the development of the economy of a nation (Balaji and Balaji 2017).

Conclusion

The benefits of the cashless society can be overviewed along with the similar lines of the reasons that is given by the government and the Central Bank for the incorporation of new cash policies. In order to attain the modernisation and the development of the new payment system it is essential to stay in line with the vision that has been constructed. It is essential to mitigate the banking services cost and enhance the financial inclusion by giving out effective options for transactions and better reach (Antragama 2017).  It is essential to enhance the efficiency of the monetary policy in taking care of the inflation and leading to the economic development. These aspects have been essential for the development of a cashless society that would be helpful for the development better transactions for the purpose of a society that would be free from any frauds and scams with respect to financial transactions.

In spite of the effectiveness of the technology that has been proposed, there are certain disadvantages of a cashless society as explained below: the cons are inclusive of electronic value of money that is unstable and will become more volatile especially provided that the individuals will be undertaking the business with the help of the virtual money. The government will be able to manage the purchases, the habits related to spending and the businesses that are patronised. With the help of the new process, the government will have an overall authority over the transactions and hence exposing the individual’s privacy. The other issue that is related to the transactions are inclusive of the children with the challenge of ascertaining the age during which these children would be able to undertake actions for these kinds of transactions like making use of their pocket money as it would require a payment card or a mobile phone in order for the children to make use of the money they would be receiving as pocket money (Jha, Shah and Ghuwalewala 2017). A cashless society would this compel the guardians to purchase mobile phones and electronic cards for their children at an earlier stage rather actual in order to provide pocket money to their children.

The effective managing of the payment cards and the mobile phone hence becomes an extra threat provided that the users are able to remember distinctive information regarding the passwords and PIN (Personal Identification Number). This may look to be an issue for the illiterate people and the elderly who may have faced problem and may have to sacrifice privacy and lead to the personal codes in order to look for assistance.

The other problems are the rise in the potentiality of thefts. The individuals face the losses of their mobile phones more than their wallets. This factor can be even stated as a security issue. It is seen that the electronic process that has been constructed by the skilled personnel can be dissected by the ones who have objectionable purposes and are utilised for anti-socials (Alao and Sorinola 2015).  

It is seen that one of the biggest disadvantage of the cashless economy is that everybody does not have knowledge of undertaking transactions that are digital in nature and therefore their reach is restricted to the centres located in the urban and the semi-urban areas and hence it is very complex to incorporate the cashless economy in the bigger nations where several sections of the community in the rural areas are poor and are uneducated (Kumar 2015). Therefore the absence of the effective framework and education among the residents is not beneficial as long as the cashless economy is associated.

The other disadvantage that is seen with respect to cashless economy is that even though it is simpler to undertake transactions that are digital in nature  and at the same time it is looked upon to be very risky in nature in comparison to the transactions that are undertaken with the help of cash. Therefore, the people having inadequate knowledge about the digital payments may get exposed to the cybercrimes and frauds and thereby losing their money in the online hacking and scams from the bank accounts and therefore it is effective enough to undertake cash based transactions more than undertaking digital transactions in circumstances when the customers are not totally aware of the transactions that are undertaken based on the online platforms (Metri and Jindappa 2017).

The other demerit that is related to the cashless economy is that the digital process of making payments with the help of the credit cards, internet banking, electronic wallet payments are associated with certain transaction fee and this is not the case with the cash transactions and therefore any person thinking of undertaking online transactions will not consider the costs of transactions and will not favour any kind of online medium of transactions (Yu and Sun 2018). Therefore the occurrence of the transaction cost is a limitation of the cashless economy and discovering the recognition among the citizens of the nation.

Hence, it can be said that the cashless economy has certain benefits and limitations and any of the government of a country that are looking to implement the model of cashless economy can assess in a careful manner in order to evaluate the demerits and the merits and thereby takes decisions as it is seen that the cashless economy cannot be levied on the individuals rather than it can be implemented slowly by the individuals of the nation.

ICTs are looked upon as more than just internets and computers. Even though there is a tendency to concentrate on the technology of internet, the studies related to the effects of the technology in the fields of the business and economy must even be regarded on a closer basis. In the current time period, ICTs needs to be regarded on a wider basis in order to cover the information that are created by the business and utilise along with the extensive spectrum of the rising convergent and the associated technologies that assesses these data. Hence, ICTs can be regarded as a collection word for an extensive range of the software and the hardware, management of the information and telecommunications tools which are utilised in order to generate, manufacture, assess, process, distribute, package, retrieve, receive, alter and store the information (Gayathri 2017). In a specific manner, ICTs have extensive level of potential for creating a cashless economy with the assistance of the efficient utilisation and effective integration of ICTs in the process of the business while supporting them to make more effective decisions that is relevant with their performance. ICTs have the ability to create a step alteration in a cashless community and make them more inexpensive and create development. In the current time period, the economy needs to be understood as a global perspective. In this process, ICT can provide extensive varieties of advantages to the different kinds of companies. In a specific manner, the ICT can reduce the cost of the business, enhance the level of productivity and improve the growth potentialities when there is an introduction of the cashless societies (Ayinde and Adeyemo 2015). Furthermore, the incorporation and the adoption of the ICT by the companies can even enhance the relationships related to the business, knowledge diffusion and quality in a cashless community.

The literature review that has been constructed for this paper has looked to address the various modes of cashless payments that are available to the community and thereby have looked to address the fact that what are the benefits and limitations that have been associated to the incorporation of cashless process and whether it is will be a utopia or a financial crisis. The recommendations that have been provided by the researchers in this section will be helpful in taking this current research forward.

The introduction section of the paper looks to answer the data that would be used in this paper in order to undertake data analysis. It is seen that there are several sorts of data that can be utilised by the researcher for the purpose of data analysis and the researcher chooses the data based on the topic that has been taken into consideration in this paper and the data that is felt ideal by the researcher. The collection of data is undertaken with the help of the several stages and that includes the philosophy, research design and approach of the research, selection of the suitable methodology, the process of data collection, data analysis plan and the sample size that would be used for the purpose of analysis. These are the mediums that are taken into consideration prior to the process of analysis of the data.

The philosophy of the research assists the researchers to recognise the fundamentals of the research by making use of a precise research pattern. There are four kinds of philosophies which can be used by the researchers and they are pragmatism, interpretivism, positivism and realism. The research philosophy is looked upon as certain features that are inclusive of the axiology, epistemology and ontology (Wulandari, Soseco and Narmaditya 2016).

In accordance to this paper that looks to address the effectiveness of cashless society, it is seen that the researcher feels viable to select positivism philosophy because of the fact that this philosophy functions on the basis of the presence of practicality by utilising the techniques that are actualised scientifically. Therefore, as this paper is related to understanding the effectiveness of cashless society, it is seen that understanding the reality of the situation is helpful for gathering the most effective data.

The approach of the research is most essential phase in undertaking the paper in a precise manner in order to attain the result that is real and demanded. There are two sorts of approaches that the researcher has in their arsenal and they are inductive and deductive approach. The inductive approach refers to the process in which the researcher constructs new and innovative models and theories and accordingly these models are suitable for gaining the results related to this paper in a precise manner (Ebeiyamba-Oluchukwu 2014). On the other hand, the other approach is the deductive approach that relates to the models and the frameworks that have been used earlier in the economy by the other researchers and thereby attaining results that would lead to the completion of the paper.

However, in accordance to the concerned paper, which is related to having an understanding of the effectiveness of the cashless society, it is seen that deductive approach will be taken into consideration as tools and techniques that would be used by the researcher are already available in the market and therefore the results that would be attained can bring in effective results. It is seen that both primary and secondary data would be used for the purpose of data analysis and deductive approach is highly suitable for this paper.

The methodology that would be used by the researcher comprises of the action course that would be used in order to reach the precise results. This paper tries to have an understanding of the effectiveness of cashless society and therefore the responses of the individuals who are making use of cashless society would be taken into consideration. This is known as the primary data. On the other hand, the researcher is looking to collect secondary data with the help of articles and journals that have been constructed by the other researchers with the help of which the history of cashless society can be taken into consideration. Therefore, the researcher has chosen quantitative and qualitative data analysis and accordingly the desired can be attained. The current research paper would therefore be making use of quantitative data and accordingly effective results can be attained.

The design of the research assists the researchers in attaining a chance of taking the paper forward in order to reach the desired objectives that have been constructed earlier in this thesis paper. Lai (2016) addressed that research design is helpful to the researcher to give out the references by maintaining the obtainable results within which the remaining section of the overall research is undertaken on the basis of a goal that is pre-determined. The research design is of three types and they are mainly the exploratory research design, descriptive research and explanatory research design.

In accordance to this paper, which is related to having an understanding of the effectiveness of the cashless society in an economy, it is seen that descriptive research design is highly suited as the descriptive research design looks to discover the address the problems and the complexities that are faced by the researcher in order to collect the data and undertake the analysis of the paper. This design provides an opportunity to the researcher in order to expand their understanding and knowledge with respect to this topic. In this manner, the researcher would be able to gain an understanding of the problems and the issues and thereby explain the same in the paper in an effective manner.  

Data is regarded as the essential requirement that is useful in certifying the rate of success of the research paper and the gathering of the effective data relies on the nature of the study. Ifeonu and Ward (2015) explained that data needs to be classified into two aspects and they are secondary and primary data.

The primary data is obtained from the responses of the individuals and Amiri and Woodside (2017) addressed that this kind of data is in nature more precise and valid in association to the secondary data. The secondary data on the other hand are collected several sources and they are inclusive of the websites, electronic and manual journals and the several kinds of internet websites and these areas can be used for the purpose of undertaking the process of analysis. It is seen that primary data can be segmented into qualitative and quantitative data and in this manner, the quantitative data is increasingly suitable for this paper because of the fact that the responses that would be used will be transformed into figures and numeric and accordingly effective results can be obtained. Qualitative data is not appropriate in this thesis because of the fact that the researcher does not have adequate time.

The quantitative data addresses the fact that a section of the information, which can be assess in order to realise the data in accordance to the outcome of the paper. Nagdev et al.(2018) cited that quantitative data assists in giving out the information on the basis of the individual mind set with respect to the topic of the paper. Hence, the paper is in need of a bigger and effective sample size. In accordance to the paper, that looks to discover the effectiveness of the cashless society, it is seen that the researcher has selected primary and secondary data from various sorts of sources. In this respect, it is seen that the data requires being collected from valid and true sources in order to attain effective results for the research paper.

The researcher has sourced the primary data by assessing the individuals who are making use of the cashless process. The researcher has discovered that survey analysis is one of the effective measures with the help of which primary data can be collected. In order to undertake the survey analysis, it is seen that a questionnaire is constructed and the questions comprises of the close ended questions with the help of which the respondents would be able to provide their responses in an effective manner (Patil 2014). The questionnaire is forwarded to the selected respondents through electronic mail and thereafter is asked to submit the responses with the help of the link that has been forwarded to them. An interview questionnaire is even constructed in order to take the responses from three managers who are related to cashless businesses and eight open ended questions are asked with the help of which their responses on this topic can be attained.

The researcher in this paper has been making use of secondary data by taking assistance of the various resources like the thesis papers that have been constructed in the past, the relevant books, articles and internet sources where valid information with respect to this topic has been collected. The secondary data that is collected comprises of the overall card billings that have taken place in Singapore for the last five years and the number of e-commerce cheatings that have taken place during the same time period. This will be helpful in determining the effect of cashless society and the extent of frauds that are related to it. 

The process of sampling is a tool that is undertaken by the researcher in order to select the ideal population of the current research paper. The process of sampling assists the researcher to select the valid and the authentic data that is available through the primary data and accordingly combine the information with the objectives of the research. Simple random sampling has been chosen and accordingly a sample size consisting of 51 respondents have been selected. On the other hand, three managers have been chosen for the purpose of interviewing them with the help of which effective results can be gathered.  

The information has been assessed by taking help of analytical and statistical tools and processes. Jana (2017) stated that suitable choice of the analytical process is essential in order to attain the outcome that is desired in this paper. The analysis plan is helpful in creating a transparency and thereby dissecting the constructed data. The data has been disclosed by taking assistance of the graphs and tables and therefore SPSS software has been used in order to transform the responses of the participants into percentage in order to project the pattern of the insight of the participants.

The researcher has maintained a precise conducting process in undertaking the tasks in the numerous types of the process of data collection. The primary and the secondary data that has been used for the purpose of the research is collected from valid and solid sources with the help of which the results would be true and fair (Anowor and Okorie 2016). The ethics have been maintained by the researcher by taking assistance of the principles and the ethics that have been framed by the national and the international bodies with the help of which effective and fair results can be obtained.

This section of the paper has even highlighted the process that would be undertaken in order to collect the data and the kind of data that would be undertaken in order to collect precise and effective data. The design and the approach that has been used in this paper has been attained and it is seen that the process of data collection and data analysis has been explained with the help of which the paper can move forward.

The data analysis section has been constructed in order to have an idea about the factors that are related to cashless society and whether they are increasing scams or is improving the economy of a nation. The data analysis section comprises of two sections and the first section comprises of the analysis of the primary data that is collected from the responses of the respondents and the second section of the paper consists of the secondary data which has been gathered from various sources that are inclusive of the internet websites, several journals and articles that are related to the impact of cashless society. In this paper, frequency analysis, correlation and regression analysis has been undertaken with the help of which the results indicative towards cashless society can be understood. The primary data analysis is even inclusive of the interview results that have been attained from three managers. The secondary data is collected from several websites and regression and correlation analysis of the same is done in order to have an understanding of the overall outcome.

Gender
	Frequency	Percent	Valid Percent	Cumulative Percent
Valid	Female	19	37.3	37.3	37.3
Male	32	62.7	62.7	100.0
Total	51	100.0	100.0

This first question is related to gaining an answer towards the gender of the respondents and the responses reveal that 32 of them are male and the rest of 19 respondents are female. The results explain that most of the respondents who are undertaking cashless transactions are male. 

Age
	Frequency	Percent	Valid Percent	Cumulative Percent
Valid	25-34 years	15	29.4	29.4	29.4
45-54 years	13	25.5	25.5	54.9
55-64 years	11	21.6	21.6	76.5
Above 65 years	3	5.9	5.9	82.4
Below 25 years	9	17.6	17.6	100.0
Total	51	100.0	100.0

This question is associated to having an understanding of the age group of the respondents and the results reveal that 15 of them are within the age group of 25-34 years followed by 13 respondents within the age group of 45-54 years. It is seen that 11 of them are within the age group of 55-64 years, while 9 of them are within the age group of 25 years and below. It is seen that a small percentage of 3 respondents are within the age group of 65 years and above. The results reveal that most of the respondents are middle aged and they are the ones who are mostly associated with cashless transactions. 

I have heard about Cashless Economy
	Frequency	Percent	Valid Percent	Cumulative Percent
Valid	Agree	21	41.2	41.2	41.2
Disagree	6	11.8	11.8	52.9
Neutral	13	25.5	25.5	78.4
Strongly Agree	6	11.8	11.8	90.2
Strongly Disagree	5	9.8	9.8	100.0
Total	51	100.0	100.0

This question looks to answer whether they have heard about cashless societies and 21 of them agree to this point and 6 of them strongly agree to this point. 13 respondents remain neutral while 6 of them disagree. 5 respondents on the other hand strongly disagree to this statement. It is seen that most of the respondents have heard about cashless economy. 

It would reduce risk of carrying cash
	Frequency	Percent	Valid Percent	Cumulative Percent
Valid	Agree	21	41.2	41.2	41.2
Disagree	6	11.8	11.8	52.9
Neutral	14	27.5	27.5	80.4
Strongly Agree	6	11.8	11.8	92.2
Strongly Disagree	4	7.8	7.8	100.0
Total	51	100.0	100.0

This question is associated to gaining an understanding whether cashless society would reduce the risk of carrying cash. The results indicate that 21 of them agree to this statement and 6 of them strongly agree. 14 respondents have remained neutral and 6 of them disagree to this statement. A small percentage of 4 respondents strongly disagree to this statement. The results indicate that cashless society reduces the burden of carrying cash.   

It would prevent money laundering.
	Frequency	Percent	Valid Percent	Cumulative Percent
Valid	Agree	28	54.9	54.9	54.9
Disagree	5	9.8	9.8	64.7
Neutral	14	27.5	27.5	92.2
Strongly Agree	2	3.9	3.9	96.1
Strongly Disagree	2	3.9	3.9	100.0
Total	51	100.0	100.0

This question looks to answer whether cashless society would reduce the extent of money laundering. The results disclose that 28 of them agree to this point and just two of them strongly agree. A large percentage of 14 respondents remain neutral to this question and 5 respondents disagree. It is seen that 2 respondents have strongly disagreed to this statement. The results show that extent of money laundering can be prevented with the use of the cashless transactions. 

It can reduce corruption
	Frequency	Percent	Valid Percent	Cumulative Percent
Valid	Agree	19	37.3	37.3	37.3
Disagree	7	13.7	13.7	51.0
Neutral	18	35.3	35.3	86.3
Strongly Agree	4	7.8	7.8	94.1
Strongly Disagree	3	5.9	5.9	100.0
Total	51	100.0	100.0

This question looks to answer whether cashless transactions can reduce the extent of corruption. It is seen that 19 respondents agree to this statement and 4 of them strongly agree to this statement. A larger number of 18 respondents remain neutral to this point and 7 respondents disagree to this point. 3 respondents on the other hand strongly disagree to this statement. it indicates that cashless society can reduce the level of corruption. 

It can stimulate economic growth
	Frequency	Percent	Valid Percent	Cumulative Percent
Valid	Agree	25	49.0	49.0	49.0
Disagree	5	9.8	9.8	58.8
Neutral	12	23.5	23.5	82.4
Strongly Agree	7	13.7	13.7	96.1
Strongly Disagree	2	3.9	3.9	100.0
Total	51	100.0	100.0

This question looks to answer whether cashless society can stimulate economic growth. It is seen that 25 respondents agree to this point and 12 of them remain neutral to this statement. it is seen that 7 of them strongly agree and 5 of them disagree to this point. 2 respondents strongly disagree to this statement thereby stating that cashless society can stimulate economic growth.  

The literacy required is basic numerals
	Frequency	Percent	Valid Percent	Cumulative Percent
Valid	Agree	25	49.0	49.0	49.0
Disagree	3	5.9	5.9	54.9
Neutral	17	33.3	33.3	88.2
Strongly Agree	4	7.8	7.8	96.1
Strongly Disagree	2	3.9	3.9	100.0
Total	51	100.0	100.0

This question has looked to answer whether the literacy rate that is required is basic numerical and the results explain that 25 of them agree to this point and 4 of them strongly agree to this point. It is seen that 17 of them remain neutral and 3 of them disagree to this point. It is seen that 2 of them strongly disagree to this statement. This explains that the rate of literacy rate which is essential is numerical and therefore is easy for anyone to access the cashless transactions.    

Increase in ATM thefts
	Frequency	Percent	Valid Percent	Cumulative Percent
Valid	Agree	24	47.1	47.1	47.1
Disagree	5	9.8	9.8	56.9
Neutral	10	19.6	19.6	76.5
Strongly Agree	9	17.6	17.6	94.1
Strongly Disagree	3	5.9	5.9	100.0
Total	51	100.0	100.0

This question has tried to find out whether cashless transactions have led to a rise in the thefts in the ATM. It is seen that 24 of them agree to this statement and 9 of them strongly agree to this statement. It is seen that 10 of them have remained neutral and 5 of them disagree and the rest of 3 respondents strongly disagree to this statement. Therefore, it can be said that cashless transactions lead to a rise in the extent of thefts in the ATM.    

Increase in Internet fraud
	Frequency	Percent	Valid Percent	Cumulative Percent
Valid	Agree	21	41.2	41.2	41.2
Disagree	2	3.9	3.9	45.1
Neutral	16	31.4	31.4	76.5
Strongly Agree	11	21.6	21.6	98.0
Strongly Disagree	1	2.0	2.0	100.0
Total	51	100.0	100.0

This question has been asked in order to have an understanding of whether cashless transactions would lead a rise in the internet fraud. It is seen that 21 respondents agree to this statement and 11 respondents strongly agree to this statement. 16 respondents remain neutral and a small group comprising of 2 respondents disagree to this statement and 1 respondent strongly disagree to this point. 

Cashless Economy should be introduced
	Frequency	Percent	Valid Percent	Cumulative Percent
Valid	Agree	22	43.1	43.1	43.1
Disagree	8	15.7	15.7	58.8
Neutral	13	25.5	25.5	84.3
Strongly Agree	4	7.8	7.8	92.2
Strongly Disagree	4	7.8	7.8	100.0
Total	51	100.0	100.0

This question looks to answer whether cashless economy can be introduced in the country and 22 respondents have agreed on introducing cashless economy in the country. 4 respondents strongly agree to this statement. 13 respondents remain neutral while 8 respondents disagree to this statement. It is seen that 4 respondents strongly disagree to this statement. it can therefore be said that cashless economy can be introduced in the economy in order to have a better lifestyle for the human beings. Even though certain scams are related to this kind of cashless structure, but it is seen that mitigation of these scams can be helpful in a better and developed economy that can enhance the operational functions of the country.

The descriptive statistics look to answer the mean and the standard deviation of the variables that have been taken into consideration. The table below provides the descriptive statistics of the same.

Statistics
	I have heard about Cashless Economy	It would reduce risk of carrying cash	It would prevent money laundering.	It can reduce corruption	It can stimulate economic growth
N	Valid	51	51	51	51	51
Missing	0	0	0	0	0
Mean	2.37	2.33	1.92	2.31	2.14
Std. Deviation	1.385	1.337	1.163	1.225	1.281

Statistics
	The literacy required is basic numerals	Increase in ATM thefts	Increase in Internet fraud	Cashless Economy should be introduced
N	Valid	51	51	51	51
Missing	0	0	0	0
Mean	2.12	2.25	2.39	2.22
Std. Deviation	1.227	1.369	1.282	1.301

It is seen that the mean of the variable has been ranging among 1.92 to 2.37 indicating that results that have been attained are positive with respect to this topic. The standard deviation values have explained the same and thereby explaining that cashless society can be a utopia for the country.  

The interview process has been undertaken by taking assistance of 3 managers who are associated with the financial institutions and are associated with cashless transactions. The managers who have been selected are from three different departments and therefore responses and idea from three different perspectives can be understood with the help of which an effective and actual result can be attained with respect to this topic. There are in all eight questions that have been answered and these eight questions have been same when asked to the three managers.

The first manager who has been interviewed is the operations and the training manager and the first question that has been asked to him has been whether cashless society has been beneficial and the response of the manager suggests that cashless society is beneficial as he feels it is safer and convenient with respect to security.   

The second manager is recruitment group manager and when he is asked the same question answers with a dual aspect by addressing the pros and the cons of cashless society. The manager answers in a different of the advantages of the cashless society by addressing that it creates wider opportunities, enhances productivity and leads to innovative ideas. On the other hand the limitations that have been identified that it makes human beings lazy and even makes people rely on the virtue which is not owned physically.

The third manager is the manager of human resource and his answer is positive as well as he indicates cashless society is beneficial with respect to convenience and especially in country where the currency denomination is high.

The assessment of the secondary data is undertaken by creating a correlation and regression analysis with the help of which a substantial relationship can be created with respect to the benefits or the limitations of having a cashless society. The assessment has been done with respect to the total number of card billings for the last 5 years which are from the year 2013 to 2017 and the number of e-commerce frauds that have taken place in Singapore.  

Data

year	total card billings	ecommerce cheating
2013	41602.2	510
2014	44582.4	1665
2015	47103.9	2239
2016	49904.1	2140
2017	54275.9	1961

By looking at the above table it can be said that e-commerce frauds is the dependent variable and total number of card billings is the independent variable. In this manner, the correlation table has been constructed.

	total card billings	ecommerce cheating
total card billings	1
ecommerce cheating	0.711033505	1

By assessing the correlation table it can be explained that there exists a positive and mutual relationship among the two variables because of the fact that the value that has been attained is close to 1 and thereby indicating that as the number of total card billings increase there is a rise in the number of scams. It can be said that both of the variables are directly related to each other.

The results that have been gathered from the analysis of the secondary data as well as the primary data that is inclusive of the respondents and the managers who have been interviewed indicates that frauds are a part of cashless societies and development in the use of cashless transactions would lead to a rise in the level of frauds and therefore in order to make a better cashless society it is essential to construct plans, policies and measures that would be useful for mitigating and eliminating the scams and the frauds that are related to such transactions and thereby influencing the consumers to make use of  these kinds of transactions in order to have a secured and better life.

The results that have been attained in this section of the paper has been effective enough in determining the effect of cashless society in the current environment and whether the cashless process is beneficial or a platform for scam can be understood. The results that have been obtained are gathered with the help of the responses that have been received from the employees and the interview results that have been attained the managers who have been selected. The results indicate that cashless society can be beneficial for the society if all the scams and frauds that are related to this process are mitigated.     

The results that have been obtained in the previous chapter have been helpful in determining the actual outcome of the research paper. The results that have been collected have been possible with the help of the background that has been created in the first chapter of this paper. In this chapter a focus on the country that has been taken into consideration and history that is related to cashless transactions and cashless societies. The research aims and objectives that have been constructed looks to answer the aspects that have been recognized in relation to cashless societies. The results that have been gathered have tried to answer the objectives that have been constructed earlier in this paper.

Objective 1: Recognise the cashless payments options that are available

This paper has been successful in addressing the various kinds of payment options that are available in Singapore and the paper has even been able to discover the most popular mode of cashless transactions that are undertaken by the consumers.

Objective 2: Discover to what degree is Singapore is moving ahead towards cashless society

The results that have been obtained indicate that Singapore is a developed country and therefore with the advent of time the usage of cashless transactions have been increasing at a rapid rate. The country is looking to transform their transactional process in such a manner so that the burden for carrying cash can be reduced and accordingly human beings can have a safe and secured life. With the mitigation of the scams that are taking place within these kinds of transactions, it is seen that the development of the cashless society can be enhanced in an extensive manner.        

Objective 3: To explain what are the factors that lead to the increased number of cases in accordance to frauds and scams

The results that have been gathered have been helpful in determining the factors that have lead to the rise in the number of scams and frauds. It is seen that advancement of technology, lack of proper education and awareness has been the key factors because of which the rate of scams have increased.

Objective 4: To assess the relationship among the cashless society and the development of the fraudulent cases

The results indicate that there exists a direct relationship among the development of scams and cashless society because of the fact that as the extent of cashless transactions increases, it is seen that there has been a rise in the number of frauds on an average.

Therefore, by looking at the results that have been obtained, it can be justified that all the objectives have been answered in a precise manner and the it can be concluded that cashless society is a utopia for Singapore, even though scams that take place are a limitation of such society and the proper governance and maintenance of the cashless society and their transactions would be helpful in mitigating the extent of scams in the country and thereby make cashless societies a better and a resourceful one.

The completion of the paper leads to the discovery of various outcomes and accordingly suggestions and recommendations can be given with the help of which these issues can be resolved and accordingly a better society can be maintained.

It is recommended that the government prepares extensive level of monitoring and governance with the help of which issues related to scams can be resolved and thereby the society can gain access to a better and safer mode of online transactions. The companies that are related to these kinds of transactions need to make use of artificial intelligence systems and better technologies with the help of which the authentication of the transactions can be confirmed and accordingly a track of all the transactions can be maintained. It is even seen that there needs to be a precise and plan and policy that needs to be maintained by every companies who are performing these kinds of cashless transactions.

It is even recommended that assessment and monitoring the cashless transactions are done on a frequent basis so that any kind of faults that can be discovered within the process can be resolved effectively and thereby making the level of transactions more smooth going. The incorporation of these aspects can be helpful in making cashless society a utopia for the country rather than a platform for scams.

The concerned topic has certain amount of limitations, which has restricted the researcher to gain access to several areas and aspects. Therefore, future work on this topic can be undertaken in order to bring about better results and in the same manner a comparison with the current paper can be undertaken in order to discover the changes that have taken place in the cashless transactions and processes because of the fact that with the advent of time changes in the tastes and preferences of the consumers would take place and accordingly newer and better technologies would be developed with the help of which effective results can be attained. 

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