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Sweden, Norway rethink plans for cashless societies over fears that fully digital payment systems would leave them vulnerable to Russian security threats (www.theguardian.com)

submitted 3 weeks ago by [email protected] to c/[email protected]

150 comments fedilink hide all child comments

cross-posted from: https://feddit.org/post/4262252

A combination of good high-speed internet coverage, high digital literacy rates, large rural populations and fast-growing fintech industries had put the Nordic neighbours on a fast track to a future without cash.

[...]

But Russia’s invasion of Ukraine in 2022 and a subsequent rise in cross-border hybrid warfare and cyber-attacks blamed on pro-Russia groups have prompted a rethink.

[...]

The Swedish government has since completely overhauled its defence and preparedness strategy, joining Nato, starting a new form of national service and reactivating its psychological defence agency to combat disinformation from Russia and other adversaries. Norway has tightened controls on its previously porous border with Russia.

[...]

[Norway's] justice and public security ministry said it “recommends everyone keep some cash on hand due to the vulnerabilities of digital payment solutions to cyber-attacks”. It said the government took preparedness seriously “given the increasing global instability with war, digital threats, and climate change. As a result, they’ve ensured that the right to pay with cash is strengthened”.

[...]

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[–] [email protected] 5 points 3 weeks ago (2 children)

Sure, but if a cyber attack knocks out your credit card systems in a targeted attack, chances are they're taking your cash machines down as well.

And who carries enough cash around to be useful any more? I know I don't. I might have a £20 note tucked in my phone case at a push.

[–] [email protected] 9 points 3 weeks ago

And who carries enough cash around to be useful any more?

I do. Maybe not physically in my pocket, but between my wallet and my home there's enough cash to buy a tank of gas and a few days of groceries.

Parts of the debit/credit processing system are fragile enough that I've seen them down randomly for signifigant portions of a day.

Cash has got me food when other people have been stuck without the ability to pay more than once in the last couple of years.

[–] [email protected] 2 points 3 weeks ago* (last edited 3 weeks ago)

£20 should still get you a meal of some kind until the credit cards and cash machines are back, hopefully within a few hours or next day at the latest.

Can't really say I even have that much on me most of the time though - perhaps I should change that, keep a minimum of like €50 that's only touched in an emergency or something. Swedbank has had several outages in the last few months here in Estonia and it affects many stores' payment terminals too.