The currency of trust: Digital payments, perceived security, and hybrid threats in the post-cash society

Abstract

Trust remains the foundation of the financial system, whether digital or physical. Financial trust structures and governance are fundamental to the stability and perception of money in both traditional and digital environments. Financial systems are thus built on two interconnected forms of trust: public trust in societal institutions and inter-organisational trust among financial actors such as banks, businesses, and state agencies. At the core of many hybrid operations lies the objective of weakening public trust in state institutions and social cohesion. Everyday infrastructures such as digital payment systems become plausible targets in a hybrid threat campaign. This study therefore investigates the following research question, ‘How do different hybrid threat scenarios impact key value dimensions of consumer trust in digital payment systems?’, through a scenario-based multi-criteria threat evaluation survey conducted in Sweden, Finland, and Germany. The study suggests that hybrid threat preparedness must include psychosocial dimensions of technical diagnostics. Financial trust is simultaneously procedural and emotional, and hybrid actors are increasingly adept at targeting both. The evidence affirms the need for a re-conceptualisation of digital financial infrastructure as a domain of national security.