Cash and checks were all subject to counterfeiting. The world was not "fine".
Counterfeit? LOL According to the US Treasury, there is somewhere between 70 million and an upper limit of 200 million of counterfeit US currency out there.
It’s silly that the US Government even bothers with counterfeit anymore. The government creates 100 million an hour.
As for checks, the number of check kiters out there PALES in comparison to online fraud. And at my hometown bank if a Chinaman tried to withdraw money from a local account, there would have been questions.
Checks and cash, world was better.
DID accounting & bookkeeping for over 66 years.
NEVErR encountered anything counterfeit.
Yes, there was the possibility of fraud. Of course. But the level of fraud was nothing like electronic banking has created.