Online scammers have welcomed the UK’s new open banking rules and have stated categorically that it’s about time the process of online fraud was brought up to date.
The changes taking place mean that banks will have to share financial data such as transaction history and spending patterns with third-party providers if the account holder requests it, and it is hoped that this will make it far easier for someone posing as a deposed former Minister of Oil from the Republic of Equatorial Guinea to obtain your account details.
Professional Online Scammer Mr. Michael Phish said, “Banks have always had a monopoly when it comes to customer data, so we’re really glad that all we have to do now is run a decent online dating scam to persuade people to force their bank to hand over their details straight away. It used to be really difficult to try and convince someone that you’ve just been ousted from power after a military coup in the People’s Republic of Zamunda – mainly because there’s no such place as the People’s Republic of Zamunda, but also because the banks have historically been quite good at spotting fraudulent former African dictators.”
Critics argue that Open Banking will make it harder to prove who was at fault if information is ever stolen, but online fraudsters have been quick to reassure account holders that they will do their utmost to ensure that the ultimate responsibility for being a gullible idiot will still remain with them.
As a result of some of the innovations in Fintech over recent years, it is hoped that open banking will allow apps that can analyse your spending habits to identify you as a potential target for online fraud far more efficiently than someone having to set up a fake dating profile and then pretend they have fallen in love with you after a week whilst also requiring your credit card details to pay for a ‘personal emergency.’
“Open banking has the real potential to improve the relationship between financial fraudsters and their victims. Whereas before it might take several weeks of dedicated dishonesty to rid someone of their life savings, now it can be achieved at the touch of a button,” Mr. Phish added.