Optimism is high: 50% of respondents believe that industry can design out financial crime. Open banking leads the charge, top scoring at 4.25 on the optimism scale. Merchants, scarred by past losses, sit at the bottom with a cautious 2.33.
But confidence in regulation has dropped substantially: Just 54% believe current fraud regulations are fit-for-purpose – down from 86% two years ago.
So, firms realise they need to take matters into their own hands: 84% are deploying multiple fraud strategies. Card-based businesses – both seasoned and scarred – are using four. Open banking players? Just 2.5...
Here's the paradox: The most optimistic segment, open banking, is doing the least to operationalise that optimism.
Designing out financial crime in open banking and open finance takes more than belief. It takes layered, adaptive defence.
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