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Advocates of the cashless society believe that debit and credit cards can eliminate fraud and allow for better fraud prevention, while also reducing the risk of identity theft. Traditionally, this has been a problem with paper checks and ATM withdrawals. This has not always been true in all cases, however. In December 2011, a 21-year-old traveler from Canada was robbed after he withdrew cash from an ATM in India. The thief simply walked up to him and snatched his bags off of his shoulders before running away with them. Despite this incident taking place at one bank in one city, Indians across the country have followed suit by allowing thieves to steal their own money out of ATMs without any penalties or consequences whatsoever. These Bank heists have become common place in India since 2011. The cashless society has increased commerce, streamlined business operations, increased transaction efficiency, and reduced transaction costs. Cashless societies have reduced rates of crime and fraud, and these changes have affected the way that governments produce money and the way that banks provide loans. A cashless society can also produce more efficient means of tracking income and expenditures than a society with paper money alone. Reducing the need for paper money reduces deforestation because it decreases the amount of raw materials needed to print paper money. A cashless society can cost money to institute, but its long-term benefits are very beneficial. The primary reason for the change from cash to electronic is the reduction of costs. Governmental administration is more efficient, since all transactions come through a central agency, and they are automatically recorded. Another benefit of electronic transactions is that it increases accuracy in accounting because each transaction leaves a digital trail that can be traced back to an individual or company if there are any issues with the transaction. Cashless societies also reduce bureaucratic red tape, speed up processing times, and create better tax collection systems. These benefits are especially important in developing countries where the government lacks the resources to process transactions efficiently. Electronic transactions also allow for transfer of money over longer distances than paper money. This is especially important in rural areas where people do not have easy access to ATMs and banks. Electronic transfers can be beneficial to both the sender and the recipient. A sender may receive less in fees, since it is less expensive than paper money, while a recipient may save on costs when receiving paper money since they usually pay more in fees than for electronic transfers. Cashless societies also reduce the credit risk for the banking sector. In a cashless society, most business transactions are done electronically via an automated system that can be checked for accuracy and matched with company records. In banking, this reduces the need to trust paper documents like checks and W-2 forms. Electronic money substitutes like prepaid cards allow for flexibility in spending. Lastly, funds are held in electronic accounts, which makes transactions more transparent and eliminates any potential credit risk that may surface when using paper currency. Cashless societies also increase efficiency in government operations, since all transactions can be tracked easily. cfa1e77820