How does Open Banking reduce fraud?

21 Apr 2022 By PAYCEC

With Open Banking, consumers and businesses have more benefits from digital verification and mitigate the risk of data leaking.

  • Using biometrically certified digital IDs backed by the immutability of the blockchain and linked to the payment provider eliminates not just the burden on third-party firms to keep our financial data safe, but also reduces the risks of fraudulent push payments and unauthorized access.
  • Payment requests made outside of the established channels cannot and will not be processed due to the need for verified IDs on both sides of the transaction.
  • Digital IDs ensure that the person logging in is the legitimate owner and that service connecting a user to their bank is operating in a safe manner.
  • The information can be cryptographically confirmed without revealing any information through the use of technologies such as zero-knowledge proofs.
  • Blockchain can also assist in the evolution of the system by documenting private transactions and activities, which can be used to inform and reinforce future legitimate activities while also preventing irregular transactions.

Have other questions?

If you need further assistance or answer, please don't hesitate to contact us.

Have other questions?

The Media

Finextra One IBC Yahoo Finance
About us

who we are

about us

We are honored to serve as your reliable business partner and financial service provider in the industry and other business-related services. With the help of our professional staff, to help merchants to achieve their goals for the development and expansion of the international business market.

Our payment flow has developed in the e-commerce world to perform seamlessly and effectively across all platforms and devices. We take pleasure in combining technology with customer service, to solve your concerns at the moment.

PayCEC is a fully worldwide payment network that not only allows merchants to be paid immediately and securely, but also allows them to withdraw money in multiple currencies to their company accounts.

We will contact you shortly.

Email Phone
Scroll top