Open finance is revolutionizing how people across the globe spend their money but it’s also opening up financial institutions to security threats they haven’t faced before.
The use of open APIs enables banks to partner with FinTechs to build new and better digital experiences, but also generates massive volumes of API calls which cause security issues. F5 API-first designed solutions safeguard APIs and mitigate fraud and abuse.
Financial services institutions must allay consumer fears about the risk of fraud or data breaches in adopting open finance practices. To build that essential trust, you must develop strategies to modernize your apps by implementing an application security strategy for 360° protection that goes beyond just testing for software vulnerabilities.