New solution protects open banking against fraud

Open banking, connecting banks, third parties and service providers, allowing them to exchange information quickly and securely, has been rolling out since 2018 and delivers a great deal of convenience for consumers. However, while it doesn't introduce new fraud risks in itself, open banking does create opportunities for fraudsters to attempt account takeovers, for example, or to target banks' own PSD2 (Payment Services Directive 2) implementations for Payment Initiation Service Providers (PISP). In order to prevent such attacks Volt is introducing Circuit Breaker. This uses a flexible rule system, which applies a score to each payment received. This score is… [Continue Reading]