Open Banking Risks Played Down By Government, Australian Banks Claim

Australia’s top representative body for banks has accused the Treasury of underestimating the fraud and cybersecurity risks of data sharing under the country’s proposed open banking regime. 

Canberra is in the process of establishing a Consumer Data Right (CDR), which will serve as the foundation for open banking.

Late last year, the Department of Treasury released a draft privacy impact assessment (PIA) of the CDR, which identified and dissected the risks associated with giving consumers the right to share their financial data with third-party providers.

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