New Security Threats Surround Open Banking, Faster Payments

According to cybersecurity company BioCatch, new market trends such as faster payments and open banking are introducing new security threats to corporate treasury departments, an increasingly attractive target to cyber criminals. Account takeover attacks, social engineering tactics and payments fraud all threaten businesses as these cyber attackers go after the high-value transactions typical of corporate finance.  In a blog posted last week, BioCatch explained that the emergence of open banking now means that banks are opening data to third-party payment providers (TPPs) via application program interfaces (APIs), presenting a new door into which cybercriminals can break. Source.