The concern around open banking APIs, however, is how much it could compromise data security.
Security is a hot topic, and everybody hears the news reports of fraudsters, hackers and ransomware.
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Where needed, we apply encryption on all customer data shared between banks and fintechs.
Implementingmachine learning processesis one way to analyze suspicious behavior and detect fraud or hacking attempts early on.
Multi-factor authentication additionally adds several layers of protection andstrong, state-of-the-art encryption algorithms can be used.
OurPrivacy Officealso makes sure we provide transparency to our customers on data sharing, he continues.
Its clear thatgreater transparency and communication about what banks are doing to protect their customers data is essential.
And with all parties protected and confident, everyone can reap the benefits of open banking.
