Transaction Data Could Be ‘Goldmine’ For Fraud

Industry experts have told payment account providers not to underestimate the importance of ensuring third-party data access does not increase the risk of fraud.

With the revised Payment Services Directive (PSD2) due to take effect across the EU in just over a month, many traditional financial firms have expressed concerns that newly authorised third-party providers could present a fraud risk to consumers.

Although much of that discussion has focused on payment initiation services, as they have the ability to transfer funds out of a customer’s account, banking groups are warning that account information service providers must also be treated with caution.

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