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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 9 months ago by 0x815@feddit.org to c/technology@lemmy.world
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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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[-] Blackmist@feddit.uk 6 points 9 months ago

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.

[-] kent_eh@lemmy.ca 9 points 9 months 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.

[-] boonhet@lemm.ee 2 points 9 months ago* (last edited 9 months 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.

this post was submitted on 30 Oct 2024
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