Cashless Sweden?

Dec 26th, 2015, 09:18 AM
  #1  
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Cashless Sweden?

http://www.nytimes.com/2015/12/27/bu...=top-news&_r=0

Apparently the chip and pin cards are not fraud free:

"Not everyone is cheering. Sweden’s embrace of electronic payments has alarmed consumer organizations and critics who warn of a rising threat to privacy and increased vulnerability to sophisticated Internet crimes. Last year, the number of electronic fraud cases surged to 140,000, more than double the amount a decade ago, according to Sweden’s Ministry of Justice."
Michael is offline  
Dec 26th, 2015, 10:16 AM
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Thieves go where the money is. Electronic thieves go where the electronic money is. Same song, different instruments.
AJPeabody is offline  
Dec 26th, 2015, 10:24 AM
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it has nothing to do with Chip and Pin, it is online fraud they are referring to.

Banks here in the Netherlands carry no cash. I carry no cash. Even at the market I can pay using my bank cards with pin. Not credit card, but my normal bank card, which is also chip and pin.
SOme charities now send their collectors out with a mobile machine so that people can use their bank card instead of handing over cash. Much safer.

When my Christmas dinner joint was delivered to me I did a bank tansfer there and then to pay for it, using an app on my phone.

There are some shops in Amsterdam which no longer accept cash. At our local supermarket thereare just two tills able to accept cash.
hetismij2 is offline  
Dec 26th, 2015, 10:25 AM
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I cannot believe that all those Europeans and their "advanced" crefit card systems are being cheated somehow.
Dukey1 is offline  
Dec 26th, 2015, 12:02 PM
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As I said the article is referring to online payments, not card present payments, as being subject to fraud.

Once we can get rid of the magnetic strip from our cards (which is only their in case we visit the US) cards will be a whole lot safer.
hetismij2 is offline  
Dec 26th, 2015, 12:19 PM
  #6  
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it has nothing to do with Chip and Pin, it is online fraud they are referring to.

That is not clear since the article is emphasizing a cashless society, in other words, what is purchased with credit cards and mobile apps. Any credit card transaction ultimately becomes an electronic transaction.

Not credit card, but my normal bank card, which is also chip and pin.

Sounds like an ATM/Debit card.
Michael is offline  
Dec 26th, 2015, 01:01 PM
  #7  
 
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It can't be only about online payments. For a start, a lot of Sweden doesn't have great internet coverage especially in rural areas.
A lot of payments are made with Swish which is a mobile app. Cash is widely accepted.
Odin is offline  
Dec 27th, 2015, 07:13 AM
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interesting article in the Economist over Christmas, in certain countries cash is given as a Christmas gift. This causes those nations' banks a bit of a problem as have to carry so much extra cash during the run up to the holiday. Countries with high cash-less economies don't have this issue.

What worries me is what will I put in the mattress
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