Open Finance strengthens security by shifting from risky methods like screen scraping to tokenized APIs and OAuth connections, giving consumers control over who accesses their data. With fraud losses hitting $8.8 billion in 2022 and credit union call center fraud up 70%, institutions must enhance protections across the customer journey. Instant Account Verification enables secure onboarding in under 5 seconds, while MFA and biometrics improve logins. Aggregation via secure APIs reduces credential risk, and advanced monitoring helps detect anomalies in day-to-day management. Done right, Open Finance reduces fraud, builds trust, and improves financial experiences.

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