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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] 1 points 2 weeks ago (1 children)

Is it a new account? Or is it just a new debit card number that references the same checking account?

With credit cards it's a bit more obvious what's going on because there's a clear difference between closing an account (requires another credit check), cancelling a card (changes number, but doesn't change underlying account), and reissuing a card (same number, just replaces the physical card). I've done all three with debit cards, and at least here, cancelling a card just means those numbers are no longer valid and you'll get new numbers, but the account is in-tact (and you retain the same account number) and autopay is redirected to the new number automatically.

I haven't had a debit card replacement impact the account except one time, when the checking account number was embedded in the debit card number (small bank, never again), and that was like 15 years ago.

[–] [email protected] 1 points 2 weeks ago (1 children)

same checking number, new account. The branch manager was 100% sure that any autopay using the current card would not be automatically updated because the new card would not be considered a successor to my current card.

She even showed me the scenario play out in the card ordering software.

[–] [email protected] 1 points 2 weeks ago (1 children)

Weird, maybe debit works differently than credit? I haven't used a debit card for autopay for several years.

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

¯\_(ツ)_/¯

All I know is that if my country was entirely digital in payments, I'd be between a rock and a hard place.