Fraud and Open Banking

1spiral

Has there ever been a case of fraud that has been attributable to open banking? Either directly through an app or indirectly through someone obtaining data that was used fraudulently from open banking?

400ixl

No one can say never.

What are your concerns? On the whole Open Banking is secure.

1spiral

I don't have any concerns per se. I use it for accounts such as tandem and even have an open banking budgeting tool but I have been reading elsewhere of people not liking the idea of sharing account information with 3rd parties and the thought come to my mind that I'd never seen an article that has ever attributed fraud to open banking so was wondering if anyone else had.

Eyeful

1. Good cybersecurity should reduce the chances of being hacked considerably. 
(a) 2FA or something like a Yubi Key.
(b) Use a reputable well known password manager, (PWM) example "Bitwarden" 
(c) Use very long passwords(say 30 digits or more) generated by your PWM
(d) Use a different password for each website, (easy with a PWM)
(f) Go directly to a website. Do not get there via clicking on email or text links
(g) Use a scam website checker before going to unknown website. Not full proof, but useful.
Examples: 
https://check.getsafeonline.org/
https://www.scam-detector.com/validator/
(g) Check your email address is not in a data breach by using:
https://haveibeenpwned.com/
(h) If you are using a computer, do regular scans with your security software.

2. Of course the fewer websites you share your data with the more chance of  your data not ending up in a data breach.

boingy

On a practical level, the information shared in Open Banking is quite limited. It's not like someone can make transactions on a linked account. 

For me the most uncomfortable part of making and using an OB connection is that you are redirected via a third party website run by a company you probably have not heard of. In a couple of cases my iPad left the browser open on one of those pages, which felt a bit odd. I know OB is facilitated by third party companies but I didn't expect to see that part of the process.

1spiral

boingy said:

 In a couple of cases my iPad left the browser open on one of those pages, which felt a bit odd. I know OB is facilitated by third party companies but I didn't expect to see that part of the process.

Actually I have a similar problem when using chip. After the transaction, the screen goes blank. I get no confirmation. I have to close it down and re access chip to see if it was successful.

masonic

1spiral said:

boingy said:

 In a couple of cases my iPad left the browser open on one of those pages, which felt a bit odd. I know OB is facilitated by third party companies but I didn't expect to see that part of the process.

Actually I have a similar problem when using chip. After the transaction, the screen goes blank. I get no confirmation. I have to close it down and re access chip to see if it was successful.

The same always happened to me, but the transaction invariably did work just fine.