- August 10, 2018
- PSD2
- Open Banking
4 Ways Lenders Use Open Banking to Stop Fraud – Frank on Fraud
Open Banking is a trend that is changing the fraud detection landscape. When people refer to this term it refers to the use of Open APIs that enable third-party developers to build applications and services around the financial institution. The concept of this type of thing was really popularized by Steve Jobs and Apple Computer. When he created the iPhone he also created an Open API infrastructure so that any developer could build on the platform. This spawned millions of apps that were programmed by non Apple employees. With Open Banking API’s the same type of thing is happening.