Building Systems That Survive Attack: Lessons from Banknote Security

The persistent narrative of a cashless future suggests a world moving beyond physical currency. Yet the reality is different: cash is still growing, and remains a vital part of the global financial ecosystem. This is because banknotes are far more than a means of payment: they are a universal public infrastructure that underpins trust, resilience, and economic sovereignty. Much like the Internet's core protocols, banknotes must operate securely in a hostile environment, withstand constant attack, and remain accessible to every user regardless of technology, connectivity, or geography. For almost a century, SICPA, a Swiss technology company, has helped protect many of the world's currencies against counterfeiting. This unique heritage provides a global perspective on the continuously evolving contest between currency issuers and increasingly sophisticated counterfeiters. In many respects, the banknote is one of the world's oldest security platforms: a trusted system deployed at global scale, defended through layers of security, intelligence gathering, and constant innovation. All of this while meeting a challenge few systems face today: preserving complete user anonymity. Drawing on examples from around the world and lessons learned over decades of protecting currencies, this keynote explores one of history's longest-running security arms races, and how trust can be maintained in systems that must continue to function under relentless attack.