There’s no escaping the fact that financial services technologies often bring with them new ways for fraudsters to commit cybercrimes. And with the growing popularity of open banking, which allows third-party financial service providers to gain access to consumer financial data from banks and financial institutions through application programming interfaces (APIs), the issue of fraud has come to a head.
Fortunately, there are specific countermeasures companies can take to discourage such unwanted activities from running rampant. One such way is rejecting the practice of screen scraping as a method of harvesting personal banking data.