Combatting Fraud with Open Banking Data

Open Banking
Feb 28, 2024

According to a 2023 report by Experian, 70% of businesses report that fraud losses have increased in the last couple of years. As a result, many merchants have begun to take proactive measures to reduce the most pervasive types of fraud: account takeovers, synthetic identity fraud, transaction fraud, and friendly fraud. Open Banking Data is retrieved from the most reliable source, the consumer’s bank account, and can be harnessed for account authentication and identity verification to reduce fraud. In this roundtable, hear from experts on fraud, identity, and payments on how to use Open Banking APIs to retrieve data and enhance or complement authentication and verification processes.

Learning Objectives:

  • How to use Open Banking Data to better visualize consumer account and identity data to reduce fraud
  • Balancing fraud reduction, compliance, and user experience to create authentication and verification solutions with the appropriate amount of friction

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