Prevent financial fraud, increase trust and make open banking a reality with account tokens

by | Oct 24, 2022 | Technology

Presented by Envestnet | Yodlee

Financial fraud is growing as data sharing becomes more complex. Stream this VB On-Demand event to learn how payment processors can step in and take a stand against data breaches and bad actors, with highly secure ways to retrieve, verify, and share data.

Stream on-demand here.

Digital financial applications and services, which offer convenient ways for consumers to pay for products and services, send and receive money and manage investments, have become the norm. But as digital interactions proliferate across the financial ecosystem, regulatory compliance becomes more crucial as the risk of fraud grows exponentially.

Account verification is the critical first step. Before any transaction, a financial services company must verify that the funding source is valid, that the account has enough funds, and that those funds belong to that customer. Account verification, in many cases, exposes ownership and bank details to the financial services company. Given the required infrastructure and compliance needed to manage and maintain bank data, account tokens serve as a highly secure way to retrieve, verify and share verified account data.

“We have an obligation to protect customer data at all times,” says Lloyd Fernandes, VP, product management at Envestnet | Yodlee. “That is why the industry and companies must consider adopting the most secure account verification standards.”

Why account tokens are critical now

When a customer logs into a site or an app, they’re handing over incredibly sensitive data to the fintech or the organiza …

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