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Link: Acquired.com
Summary:
Open banking and the battle against APB (Authorized Push Payment) fraud take center stage in this comprehensive discussion. The conversation covers the intricacies of confirmation of payee, the challenges posed by fraud, and the potential impacts on open banking. Here are the key points and ideas:
Confirmation of Payee: This verification process helps combat APB fraud by ensuring that the account name matches the bank's records.
Rising APB Fraud Cases: In 2022, nearly 200,000 cases of APB fraud were reported, resulting in approximately £500 million in gross losses.
Shared Liability: Regulatory changes have introduced shared liability, with banks now sharing the cost of reimbursing victims of APB fraud.
Friction in Open Banking Payments: Some banks may introduce additional verification steps for manual bank transfers, potentially impacting the efficiency of open banking payments.
Advantages of Open Banking:...
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