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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.

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