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Mitigating fraud in the payments industry

October 31, 2022

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.

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