Sweden and Norway are backtracking on becoming cashless societies amid concerns that digital payment systems could be exploited by Russia.
While Sweden was predicted to become cashless by 2025, Vladimir Putin’s invasion of Ukraine in 2022 has led to an increase in cyber-attacks from pro-Russia groups, leading the Scandinavian country to rethink the way in which Swedes will pay for goods and services.
Sweden’s defence ministry is now advising people to use cash regularly and keep at least a week’s supply of money in different denominations.
It is also encouraging people to use different forms of payment, such as bank cards and digital payment services.
The government’s advice will be included in a brochure that will be sent to every home next month titled ‘If Crisis or War Comes’.
‘If you can pay in several different ways, you can strengthen your preparedness’, the pamphlet says.
Meanwhile, Norway is following in its neighbour’s footsteps, with the government bringing in legislation this month which stops retailers from not accepting cash.
Norway’s public security ministry said it ‘recommends everyone keep some cash on hand due to the vulnerabilities of digital payments solutions to cyber-attacks’ due to ‘the increasing global instability with war, digital threats, and climate change’.
Measures taken by Norway and Sweden come after the perils of a cashless society were exposed over summer as a technology blunder triggered ‘the world’s biggest IT meltdown’.
In what was dubbed a ‘digital pandemic’, a glitch in a software update sparked global chaos as computers crashed in shops, banks and hospitals.
Separately, Google had to urge to urge its users to keep its software ‘fully up-to-date’ after discovering a nine-month-long cyber-attack it has tied to Russian spies.
Google’s cybersecurity researchers advised that there is wider concern that this form of attack is likely to be replicated, not only by Russian state-sponsored hackers but by any well-trained team using these same spyware tools.
