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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 0x815@feddit.org to c/technology@lemmy.world

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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[–] simon@slrpnk.net 28 points 3 weeks ago (10 children)

The risk of the payment system getting shut down and people being unable to make payments for a while is real. And it is one good reason to be less reliant on digital payments.

But there is also the risk of bad actors, which could also be e.g. Russia, getting access to decades of payment history through a hack, if everything is digital. Having that data for every citizen of a country could enable efficient profiling of people in the country using big data analysis technologies.

The kind of thing you could find out with the transaction data is who are working in the military or security police, who is sympathetic to Russia and at the same time vulnerable to work with foreign governments, and potential blackmailing material relating to people in these or other groups. I'm sure the analysts working for the bad actor can come up with even more useful things to look for in the data.

There are of course a lot of other data sources that bad actors are interested in and that are easier to hack, but the financial history seems more comprehensive source of information than most other ones.

[–] kent_eh@lemmy.ca 3 points 2 weeks ago* (last edited 2 weeks ago)

The risk of the payment system getting shut down and people being unable to make payments for a while is real. And it is one good reason to be less reliant on digital payments.

Exactly.

Part of the card processing system goes down often enough due to various technical failures that it should just be good business sense to always be capable of accepting cash.

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