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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 2 weeks ago by [email protected] to c/[email protected]

156 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] 14 points 2 weeks ago (3 children)

Though having cash is not enough. The stores also need to be able to accept cash without internet usage. I think we had a case in germany a few years ago, where some supermarkets could not sell anything, because the servers, to which the local payment system connected (also uses for cash) didn't work. Not sure, if that was because of a security incident.

[–] [email protected] 6 points 2 weeks ago

Really? I would imagine stores could keep paper notes to record transactions and recheck inventory once internet access is restored.

[–] [email protected] 5 points 2 weeks ago

I see cash businesses all the time that can operate without power or Internet. Festival / market vendors, food trucks, etc. It's not hard to count money, give change, write down a receipt if needed.

[–] [email protected] 4 points 2 weeks ago

Stores where I live have had to go cash only a few times a year when one or another issues shuts down their ability to accept cards.

You would think any functioning capitalist would have a backup method of taking your money.