First Fraud Patterns Emerge As UK's Open Banking Project Gains Ground

As the UK’s first open banking offerings start to gain consumer traction, fraudsters are already beginning to move into the space — pressuring banks to find out new ways of stopping them.

Some early lessons are emerging from financial institutions’ experience with criminals looking to exploit the increased attack area opened by the revised Payment Services Directive (PSD2).

Early fears that third-party providers (TPPs) — fintechs that connect to consumers’ accounts to provide payment and data aggregation services — could be hacked or go rogue appear at this stage to have been unfounded.

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