How to use open banking account verification to stamp out fraud
Businesses will soon have the opportunity to reduce fraud and failed payments with the click of a button, and speed up onboarding. This is how.
Online fraud is an increasing problem in Australia. According to the Australian Payments Network, card-not-present fraud hit $418.9 million in 2020, while online card fraud now accounts for 90% of fraud on Australian cards. By quickly verifying accounts, businesses will virtually eliminate fraud and reduce chargebacks – the reversal of a charge from a consumer’s credit card to a merchant even if the goods have been provided, a favourite scammer trick. If you want to understand how open banking helps you to verify payments, download our comprehensive guide.This guide will answer your questions including:
- What are the verification problems open banking is about to solve?
- What can open banking verification do?
- What’s next in open banking verification?