Attacks on mobile applications or platforms: Most Open Banking services will be deployed as mobile applications Mauritius Email List, making them a prime target for attackers. Finding the username, password or encryption keys within the application would allow a criminal to retrieve bank details and impersonate the user. Even if apps are not allowed to make payments, they can contain transaction data, allowing an attacker to create a highly accurate profile of their victims.
Attacks against the user: As new Open Banking apps will become the primary means for users to access financial data and services, phishing attacks could reap significant rewards for attackers.
To prepare for the changing landscape, Trend Micro details how financial institutions can improve their cyber resilience. This includes ensuring that sensitive information is never contained in URL paths, prioritizing secure protocols, and eliminating risky practices. In addition, Open Banking application owners and developers should adopt a security-by-design approach, including regular software audits Gulf Phone Number List.