OBL Unveils 2024 Report on Financial Crime in Open Banking Journeys

This report highlights the evolving challenges of combating fraud and financial crime in the rapidly growing open banking ecosystem.

Key Takeaways Include:

• Total APP fraud losses in the first half of 2024 amounted to £213.7 million across 178,230 payments, underscoring the scale of fraud risks in open banking transactions​;
• Fraudsters are exploiting vulnerabilities in payment authorisation processes, highlighting the need for robust security measures and enhanced monitoring​;
• Collaboration between financial institutions and technology providers is critical to mitigating risks and improving fraud detection within open banking journeys​; and
• The report emphasises the importance of consumer education in identifying and avoiding scams within the open banking environment​

✅ Financial institutions should continue to prioritise robust fraud prevention strategies to safeguard the integrity of open banking ecosystems.

💡 Learn more about Plenitude’s Fraud Prevention Services and how we help clients enhance their fraud prevention mechanisms: https://www.plenitudeconsulting.com/services/fraud-prevention-services