'Open banking' revolution could lead to scams and pricing rip-offs, experts warn

Criminals can work out the card number, expiry date and security code for a Visa debit or credit card in as little as six seconds using guesswork, researchers have found Credit: Martin Keene

Consumers taking advantage of an online banking revolution from next week face a heightened risk of bank transfer scams, experts have warned.

From Saturday new rules will force financial institutions to share detailed customer data with each other, in order to let people compare deals and see all their money on one screen. 

According to consumer groups while this so-called "Open Banking" scheme is likely to help millions of consumers save money, many others could find themselves the victim of scams and "rip off" deals. 

Which? said it expected the change to result in a higher instance of "push payment" scams where fraudsters hack into someone's account, or trick them into transferring life-changing amounts of money to a criminal's bank account. 

This is because under the change many small technology firms, which may be more susceptible to being hacked, will seek to obtain consumers' financial...

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