"The most popular electronic payment service in Sweden, Swish, has now been granted the right to introduce a joint blocking feature. The aim of the joint blocking function is to prevent fraud, and it will allow banks to block users from the entire Swish system. This makes it much more difficult for fraudsters to exploit the service and provides quicker responses when red flags occur regarding these criminals."
"Those misusing the service will not just be blocked from using their own bank. It will spread out across the entire Swish system. This can occur when those operating the system believe it is being used for criminal purposes or in a way that poses security risks to other customers, banks or Swish itself. Swish continues to dominate Sweden's mobile payment landscape, and is used by millions for everyday transactions across businesses and e-commerce."
Swish is Sweden's dominant mobile payment service, launched in 2012 by a consortium of six major banks and the central bank. A new joint blocking function allows banks to block users across the entire Swish system when the service is suspected of being used for criminal purposes or posing security risks. The coordinated block aims to make it harder for fraudsters to exploit the platform and enables faster responses to red flags. The feature strengthens trust in the cashless economy and supports secure, rapid transactions, including for licensed Swedish online casinos, according to industry observers.
Read at Business Matters
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