Under PSD2, European financial institutions must allow third-party payments providers (TPPs) to connect to their internal systems through open banking APIs. PSD2 is a big step forward for payments innovation and customer experience, but many FIs do not currently have the security solutions they need to monitor TPPs for banking risk.
There’s no doubt. Cyber criminals will take advantage of the speed and novelty of open banking as well as the weaknesses of TPPs to launch attacks against banks — whether they are prepared or not.
In this infographic, we outline the the top open banking security risks financial institutions will see under PSD2 and explain why behavioral biometrics are able to keep FIs and customers secure.