Fraud can be stopped by open banking data transparency for consumers and banks

Fraud can be stopped by open banking data transparency for consumers and banks

Channel:
Pakistan Daballoti
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298
Published on ● Video Link: https://www.youtube.com/watch?v=PggMxfNzfSg


Duration: 0:35
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The pandemic is accelerating the age of open banking. The transparency inherent in open banking offers a robust defense, says Finicity CEO Steve Smith. With open banking, individuals can allow banks access to their personal information. It does not require screen scraping or sharing of credentials. In Open Banking, users authenticate with their bank and then the bank gives the third party access to their data store with a token. Data is mapped to permission, according to Smith.



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