Up to the bank as to what level of detail they record and where the data goes, but the sensors are usually there.
If you know 100 people pulled cash out of various amounts over time, and 1 person deposited $100 from each of them - that tells you 100 people all made nearly the same purchase of something around $100 from that person correct?
Even better if some portion of those funds sometimes end up in someone else’s pocket.
It’s mainly useful for detecting black and grey market activity, like someone selling drugs or sex work or whatever, and people working with them directly. Look at it
Over long enough and you could probably identify almost
all of the business associates and regular customers.
Same tricks are used to track Bitcoin.
That said, not usually worth it for anyone to do this, and it isn’t disclosed how common scanning or tracking this way is done (and some banks deny it), so your mileage may vary depending on your level of paranoia.
The great thing about cash is you can use it everywhere, not just for things you want to keep on the down low.
You take that fat stack of bills you made selling dime bags and you go to Walmart and you buy groceries with it or whatever. Only the things that require a non-cash method of payment need to involve the banking system. Even then you can buy prepaid visa gift cards to handle most of those case if you're ok with the inconvenience.
Up to the bank as to what level of detail they record and where the data goes, but the sensors are usually there.
If you know 100 people pulled cash out of various amounts over time, and 1 person deposited $100 from each of them - that tells you 100 people all made nearly the same purchase of something around $100 from that person correct?
Even better if some portion of those funds sometimes end up in someone else’s pocket.
It’s mainly useful for detecting black and grey market activity, like someone selling drugs or sex work or whatever, and people working with them directly. Look at it Over long enough and you could probably identify almost all of the business associates and regular customers.
Same tricks are used to track Bitcoin.
That said, not usually worth it for anyone to do this, and it isn’t disclosed how common scanning or tracking this way is done (and some banks deny it), so your mileage may vary depending on your level of paranoia.