It’s been clear for a while that such a solution is needed. While open banking doesn’t create new fraud risks per se, it does create opportunities for fraudsters: account takeovers, for example, or targeting banks’ own PSD2 implementations for PIS.
This was illustrated in no uncertain terms in October, when millions of pounds were stolen from Barclays accounts – by a fraudster using a Monzo account and a PISP.
If the additive score triggered by these rules equals 100 or higher, the transaction is blocked and the fraud attack prevented. These rules can be amended by merchants according to their changing needs – for example, during a period of growth.
Second, Circuit Breaker enables merchants to create blocklists of confirmed fraudsters based on set criteria such as the bank they’re paying from, their device fingerprint, and their email address. To build them, merchants simply choose their preferred criteria, set a value against them, and select ‘block’.
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