Rohan Amin’s Post

https://lnkd.in/gxg8vziH Fraudsters are becoming ever more sophisticated, and losses are expected to reach $362 billion by 2028, according to Juniper Research. It’s far riskier to retain the status quo in in-app authentication than it is to try new approaches. #communitybanking #banking #fraud

In a recent Forbes article, Jess Turner, EVP, Global Open Banking and API at Mastercard, explores how open banking is enabling #trust — the currency of the digital economy 👇   “Open banking, with identity verification built in by design, helps make digital money movement seamless and secure. Acting as the connective tissue of the data ecosystem, open banking gives companies the certainty they’re working with the rightful account owner and not a fraudster,” Jess Turner writes.   Read the full article here: https://lnkd.in/gASC8n45   #MastercardOpenBanking

Open banking makes it possible for consumers to unleash the power of their data for better financial experiences. Mastercard is introducing new features that make managing that data a snap. Meet Connect Plus, a data command center that puts consumers in control of their data - who has it, where it's going and how it's being used. And to protect that data as consumers link their bank accounts, we're adding additional layers of security to combat fraud, including device intelligence. Check out the link below to learn more. https://lnkd.in/e89hpHAT

Explore the significance of tokenization in the banking industry by reading our latest blog post. Tokenization plays a crucial role for Banking Professionals in ensuring secure transactions and data protection. Stay informed and stay ahead in the rapidly evolving financial landscape. #BankingSecurity | #DataProtection | #payments | #Fi911blog

🔍 Who should own your data in today’s banking world? 💻 In my latest op-ed for Forbes, I unpack the implications of a high-stakes banking lawsuit that’s pushing the boundaries of data ownership and privacy. This case isn’t unfolding in isolation—it comes on the heels of a major regulatory development, which took years to finalize, as new rules implemeting Section 1033 of the Dodd-Frank Act dropped on October 22nd. These rules could reshape how banks and fintech companies handle consumer data. 🏦💾 With data privacy on the line, this lawsuit could set a powerful precedent for financial services and consumer protection alike. As digital finance evolves, so does the battle over who truly holds the reins on our most personal information. #Data #Privacy #Regulation #ConsumerProtection #FinancialTechnology Forbes #DoddFrank #Banking

🔐 In-app authentication: Are US banks keeping up with challengers?  And what's at stake for banks that don't prioritize authentication upgrades?  With fraud losses set to hit $362 billion by 2028, can banks afford to stick to old methods? 💸See who's leading and who's lagging in the authentication game! 🏆 Read the full analysis in the latest article by our CEO, Alexandros C. Argyriou, on The Financial Brand below👇 #FinTechInsights #bank #challenger #digitalbanking #banking #analysis #fintech #digitalbankingresearch #FinancialBrand #bankingsecurity #authentication

Recently, Ravi Govindaraju was featured by American Banker sharing his opinion on the Consumer Financial Protection Bureau’s decision on Personal Financial Data Rights. One thing Ravi said that resonated with me and the work our teams at Chase do is, “As the CFPB crafts new rules on the treatment of bank customers’ data, it should bear in mind that everyone touching that data must be required to play by the same rules.” This underlines how important it is that all the apps and tools that consumers use to help manage their finances also adopt the regulations of banks, bolstering the importance of consumers’ data remaining safe. At Chase, we’re continuing to build products with more in-house tools for customers to manage their finances. In the meantime, Ravi’s point about encouraging all other financial institutions to implement the same data standards and protocols is paramount, because we also want the tools our customers are currently using (outside of Chase or linked to Chase) to be just as safe. Click below for the full article! #bankingsafety #consumerdata #dataprotection

#openbanking is enticing because it helps merchants avoid fraud and allows banks to offer alternative payment methods. While it is not as popular in the United States yet, the appeal grows at a rapid pace as the ecosystem realizes the limitation we place on banking possibilities if we do not tap into OB technology. That being said, it is important to remember that the rush for implementation should not be without careful consideration of privacy and data protection! What appeals to you the most about #openbanking ? 🤔 https://lnkd.in/eSp8A_P5

Can geolocation unlock trust in the next generation of bank customers? Implementation of geolocation capabilities with appropriate safeguards can commendably enhance user experience and mitigate security risks, including fraud. Banks and credit unions can enhance customer engagement and satisfaction by sending notifications about nearby stores or relevant services based on the customer's current location. Bank customers' privacy is a major concern due to geolocation data revealing sensitive information. However, data minimization practices can address these issues by limiting data collection to only necessary services and retaining it for just as long as it is required. Read more at 👇 https://okt.to/qfPyrn #Fintech #Banking #technology #Geolocalizacion #Digital

Payment Services Directive (PSD3) is poised to revolutionize the European financial landscape - are you prepared? Read this blog that dives deep into its impact on security, fraud prevention, and innovation. Discover how it will affect your business and unlock its potential to create a more dynamic payment ecosystem. Payel Ghosh #PSD3 #payments #fintech #financialregulation