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