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[Open Banking Expo]

Preventing fraud in an open world

Throughout history fraudsters have been quick to exploit technological advances. Open Banking is no different. So how can organisations ensure they aren’t opening the door to criminal activity, asks Jennifer Turton.

Preventing fraud in an open world

March 2019 may be the month that will be remembered for the Brexit deadline but, in the world of Open Banking, it is also the point at which banks must have their APIs ready for testing under the second Payment Services Directive (PSD2).

A key objective of PSD2 and Open Banking is to make payments and accounts access easier, but alongside this are significant concerns over potential security issues.

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Across the financial services industry, institutions are employing multi-factor authentication methods to validate and verify not only users, but also devices used to make those transactions.

For Jim Warner, director of operations at fintech Centtrip, 2019 is the year for championing and testing new ideas. “With September set as the PSD2 compliance deadline, no one will want to be left behind. We are already seeing acceleration in the uptake of Open Banking in the UK, Asia, Australia, US and Latin America,” he says.

“It is important for financial institutions and fintechs to collaborate to define and to agree on a common set of rules to ensure any disputes or errors that may happen in the future are resolved quickly and efficiently.”

Read the article in full: Open Banking Expo

 

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