Account information services (AIS) Fraud is very unlikely. Your data can only be accessed if you give explicit consent to a regulated provider – and you must do so in a way that meets the requirements of Strong Customer Authentication (eg with your Face ID or fingerprint). Even with your permission, third party ‘AIS’ providers only have access to account data eg information about your transactions. They have no access to security credentials that could be used to take money from your account. Their access is also ‘read-only’ meaning they cannot change any information or take any actions within your account.  Once an AIS provider has fetched data from your account, they must ensure the data is secure. They can only share it with another party at your instruction and are subject to requirements under the General Data Protection Regulation (GDPR). Payment Initiation Services (PIS) Fraudulent transactions are extremely unlikely. In fact, compared with payment methods such as credit cards, open banking is exceptionally secure. This is because each payment needs to be authorised by you providing your secure banking credentials to your bank.   In the unlikely event of a mistaken or fraudulent transaction, open banking customers are covered by consumer protection laws that oblige their bank to refund any legitimate losses back into their bank account. Learn more about more about consumer and buyer protections for open banking .