U.S. fraud experts and consumer rights advocates have urged lawmakers not to let screen scraping form part of any open banking initiative, calling for laws to be extended to ensure the introduction of more secure technological solutions.
At a hearing before the U.S. House Financial Services Committee on Thursday, witnesses cited security, reliability and the ability to protect against exploitation of personal data as reasons to adopt application programming interfaces (APIs) within the financial sector, a secure means by which third parties can view consumer account data.
Don Cardinal, managing director of Financial Data Exchange (FDX), argued that a move towards APIs would help in “reducing the whole risk envelope”.
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