Sweden and Norway are returning to a cashless society amid concerns that digital payment systems could be exploited by Russia.
While Sweden was predicted to run out of cash by 2025, Vladimir Putin’s invasion of Ukraine in 2022 has led to an increase in cyber attacks by pro-Russian groups, causing the Scandinavian country to change the way Swedes will pay for goods and services reconsider.
The Swedish Ministry of Defense now advises people to use cash regularly and keep at least a week’s supply of money in different denominations.
It also encourages people to use different payment methods such as bank cards and digital payment services.
The government’s advice will be included in a brochure sent to every home next month entitled ‘If there is a crisis or war’.
Close-up of a female hand using her smartphone to scan and pay a bill at the restaurant during the day
While Sweden was predicted to run out of cash by 2025, Vladimir Putin’s invasion of Ukraine in 2022 has led to an increase in cyber attacks by pro-Russian groups, prompting the Scandinavian country to rethink the way Sweden purchases goods and services will pay.
The Swedish Ministry of Defense now advises people to use cash regularly
“Having multiple ways to pay can strengthen your preparedness,” the pamphlet said.
Meanwhile, Norway is following in the footsteps of its neighbor, with the government this month introducing legislation to stop retailers from not accepting cash.
Norway’s Ministry of Public Security said it “recommends everyone to keep some cash on hand due to the vulnerability of digital payment solutions to cyber attacks” due to “increasing global instability due to war, digital threats and climate change.”
The measures by Norway and Sweden come after the dangers of a cashless society were exposed last summer when a technological blunder caused ‘the world’s biggest IT meltdown’.
In what was dubbed a ‘digital pandemic’, a software update glitch caused global chaos as computers crashed in shops, banks and hospitals.
In addition, Google had to urge its users to keep its software “fully up to date” after discovering a nine-month cyberattack that linked it to Russian spies.
Google cybersecurity researchers indicated there is a broader concern that this type of attack is likely to be repeated, not just by Russian state-sponsored hackers, but by any well-trained team using the same spyware tools.