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• Open Banking Security 101 : Is open banking safe ?

  3 décembre 2024, par Daniel Crough — Banking and Financial Services

  Open banking is changing the financial industry. Statista reports that open banking transactions hit $57 billion worldwide in 2023 and will likely reach $330 billion by 2027. According to ACI, global real-time payment (RTP) transactions are expected to exceed $575 billion by 2028.

  Open banking is changing how banking works, but is it safe ? And what are the data privacy and security implications for global financial service providers ?

  This post explains the essentials of open banking security and addresses critical data protection and compliance questions. We’ll explore how a privacy-first approach to data analytics can help you meet regulatory requirements, build customer trust and ultimately thrive in the open banking market while offering innovative financial products.

   

  

  

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  What is open banking ?

  Open banking is a system that connects banks, authorised third-party providers and technology, empowering customers to securely share their financial data with other companies. At the same time, it unlocks access to more innovative and personalised financial products and services like spend management solutions, tailored budgeting apps and more convenient payment gateways. 

  With open banking, consumers have greater choice and control over their financial data, ultimately fostering a more competitive financial industry, supporting technological innovation and paving the way for a more customer-centric financial future.

  Imagine offering your clients a service that analyses spending habits across all accounts — no matter the institution — and automatically finds ways to save them money. Envision providing personalised financial advice tailored to individual needs or enabling customers to apply for a mortgage with just a few taps on their phone. That’s the power of open banking.

  Embracing this technology is an opportunity for banks and fintech companies to build new solutions for customers who are eager for a more transparent and personalised digital experience.

  How is open banking different from traditional banking ?

  In traditional banking, consumers’ financial data is locked away and siloed within each bank’s systems, accessible only to the bank and the account holder. While account holders could manually aggregate and share this data, the process is cumbersome and prone to errors.

  With open banking, users can choose what data to share and with whom, allowing trusted third-party providers to access their financial information directly from the source. 

  

  How does open banking work ?

  The technology that makes open banking possible is the application programming interface (API). Think of banking APIs as digital translators for different software systems ; instead of translating languages, they translate data and code.

  The bank creates and publishes APIs that provide secure access to specific types of customer data, like credit card transaction history and account balances. The open banking API acts like a friendly librarian, ready to assist apps in accessing the information they need in a secure and organised way.

  Third-party providers, like fintech companies, use these APIs to build their applications and services. Some tech companies also act as intermediaries between fintechs and banks to simplify connections to multiple APIs simultaneously.

  For example, banks like BBVA (Spain) and Capital One (USA) offer secure API platforms. Fintechs like Plaid and TrueLayer use those banking APIs as a bridge to users’ financial data. This bridge gives other service providers like Venmo, Robinhood and Coinbase access to customer data, allowing them to offer new payment gateways and investment tools that traditional banks don’t provide.

  Is open banking safe for global financial services ?

  Yes, open banking is designed from the ground up to be safe for global financial services.

  Open banking doesn’t make customer financial data publicly available. Instead, it uses a secure, regulated framework for sharing information. This framework relies on strong security measures and regulatory oversight to protect user data and ensure responsible access by authorised third-party providers.

  In the following sections, we’ll explore the key security features and banking regulations that make this technology safe and reliable.

  Regulatory compliance in open banking

  Regulatory oversight is a cornerstone of open banking security.

  In the UK and the EU, strict regulations govern how companies access and use customer data. The revised Payment Services Directive (PSD2) in Europe mandates strong customer authentication and secure communication, promoting a high level of security for open banking services.

  To offer open banking services, companies must register with their respective regulatory bodies and comply with all applicable data protection laws.

  For example, third-party service providers in the UK must be authorised by the Financial Conduct Authority (FCA) and listed on the Financial Services Register. Depending on the service they provide, they must get an Account Information Service Provider (AISP) or a Payment Initiation Service Provider (PISP) license.

  Similar regulations and registries exist across Europe, enforced by the European National Competent Authority, like BaFin in Germany and the ACPR in France.

  In the United States, open banking providers don’t require a special federal license. However, this will soon change, as the U.S. Consumer Financial Protection Bureau (CFPB) unveiled a series of rules on 22 October 2024 to establish a regulatory framework for open banking.

  These regulations ensure that only trusted providers can participate in the open banking ecosystem. Anyone can check if a company is a trusted provider on public databases like the Regulated Providers registry on openbanking.org.uk. While being registered doesn’t guarantee fair play, it adds a layer of safety for consumers and banks.

  Key open banking security features that make it safe for global financial services

  Open banking is built on a foundation of solid security measures. Let’s explore five key features that make it safe and reliable for financial institutions and their customers.

  

  Strong Customer Authentication (SCA)

  Strong Customer Authentication (SCA) is a security principle that protects against unauthorised access to user financial data. It’s a regulated and legally required form of multi-factor authentication (MFA) within the European Economic Area.

  SCA mandates that users verify their identity using at least two of the following three factors :

  • Something they know (a password, PIN, security question, etc.)
  • Something they have (a mobile phone, a hardware token or a bank card)
  • Something they are (a fingerprint, facial recognition or voice recognition)

  This type of authentication helps reduce the risk of fraud and unauthorised transactions.

  API security

  PSD2 regulations mandate that banks provide open APIs, giving consumers the right to use any third-party service provider for their online banking services. According to McKinsey research, this has led to a surge in API adoption within the banking sector, with the largest banks allocating 14% of their IT budget to APIs. 

  To ensure API security, banks and financial service providers implement several measures, including :

  • API gateways, which act as a central point of control for all API traffic, enforcing security policies and preventing unauthorised access
  • API keys and tokens to authenticate and authorise API requests (the equivalent of a library card for apps)
  • Rate limiting to prevent denial-of-service attacks by limiting the number of requests a third-party application can make within a specific timeframe
  • Regular security audits and penetration testing to identify and address potential vulnerabilities in the API infrastructure

  Data minimisation and purpose limitation

  Data minimisation and purpose limitation are fundamental principles of data protection that contribute significantly to open banking safety.

  Data minimisation means third parties will collect and process only the data necessary to provide their service. Purpose limitation requires them to use the collected data only for its original purpose.

  For example, a budgeting app that helps users track their spending only needs access to transaction history and account balances. It doesn’t need access to the user’s full transaction details, investment portfolio or loan applications.

  Limiting the data collected from individual banks significantly reduces the risk of potential misuse or exposure in a data breach.

  Encryption

  Encryption is a security method that protects data in transit and at rest. It scrambles data into an unreadable format, making it useless to anyone without the decryption key.

  In open banking, encryption protects users’ data as it travels between the bank and the third-party provider’s systems via the API. It also protects data stored on the bank’s and the provider’s servers. Encryption ensures that even if a breach occurs, user data remains confidential.

  Explicit consent

  In open banking, before a third-party provider can access user data, it must first inform the user what data it will pull and why. The customer must then give their explicit consent to the third party collecting and processing that data.

  This transparency and control are essential for building trust and ensuring customers feel safe using third-party services.

  But beyond that, from the bank’s perspective, explicit customer consent is also vital for compliance with GDPR and other data protection regulations. It can also help limit the bank’s liability in case of a data breach.

  Explicit consent goes beyond sharing financial data. It’s also part of new data privacy regulations around tracking user behaviour online. This is where an ethical web analytics solution like Matomo can be invaluable. Matomo fully complies with some of the world’s strictest privacy regulations, like GDPR, lGPD and HIPAA. With Matomo, you get peace of mind knowing you can continue gathering valuable insights to improve your services and user experience while respecting user privacy and adhering to regulations.

  Risks of open banking for global financial services

  While open banking offers significant benefits, it’s crucial to acknowledge the associated risks. Understanding these risks allows financial institutions to implement safeguards and protect themselves and their customers.

  

  Risk of data breaches

  By its nature, open banking is like adding more doors and windows to your house. It’s convenient but also gives burglars more ways to break in.

  Open banking increases what cybersecurity professionals call the “attack surface,” or the number of potential points of vulnerability for hackers to steal financial data.

  Data breaches are a serious threat to banks and financial institutions. According to IBM’s 2024 Cost of a Data Breach Report, each breach costs companies in the US an average of $4.88 million. Therefore, banks and fintechs must prioritise strong security measures and data protection protocols to mitigate these risks.

  Risk of third-party access

  By definition, open banking involves granting third-party providers access to customer financial information. This introduces a level of risk outside the bank’s direct control.

  Financial institutions must carefully vet third-party providers, ensuring they meet stringent security standards and comply with all relevant data protection regulations.

  Risk of user account takeover

  Open banking can increase the risk of user account takeover if adequate security measures are not in place. For example, if a malicious third-party provider gains unauthorised access to a user’s bank login details, they could take control of the user’s account and make fraudulent bank transactions.

  A proactive approach to security, continuous monitoring and a commitment to evolving best practices and security protocols are crucial for navigating the open banking landscape.

  Open banking and data analytics : A balancing act for financial institutions

  The additional data exchanged through open banking unveils deeper insights into customer behaviour and preferences. This data can fuel innovation, enabling the development of personalised products and services and improved risk management strategies.

  However, using this data responsibly requires a careful balancing act.

  Too much reliance on data without proper safeguards can erode trust and invite regulatory issues. The opposite can stifle innovation and limit the technology’s potential.

  Matomo Analytics derisks web and app environments by giving full control over what data is tracked and how it is stored. The platform prioritises user data privacy and security while providing valuable data and analytics that will be familiar to anyone who has used Google Analytics.

  Open banking, data privacy and AI

  The future of open banking is entangled with emerging technologies like artificial intelligence (AI) and machine learning. These technologies significantly enhance open banking analytics, personalise services, and automate financial tasks.

  Several banks, credit unions and financial service providers are already exploring AI’s potential in open banking. For example, HSBC developed the AI-enabled FX Prompt in 2023 to improve forex trading. The bank processed 823 million client API calls, many of which were open banking.

  However, using AI in open banking raises important data privacy considerations. As the American Bar Association highlights, balancing personalisation with responsible AI use is crucial for open banking’s future. Financial institutions must ensure that AI-driven solutions are developed and implemented ethically, respecting customer privacy and data protection.

  Conclusion

  Open banking presents a significant opportunity for innovation and growth in the financial services industry. While it’s important to acknowledge the associated risks, security measures like explicit customer consent, encryption and regulatory frameworks make open banking a safe and reliable system for banks and their clients.

  Financial service providers must adopt a multifaceted approach to data privacy, implementing privacy-centred solutions across all aspects of their business, from open banking to online services and web analytics.

  By prioritising data privacy and security, financial institutions can build customer trust, unlock the full potential of open banking and thrive in today’s changing financial environment.

• OCPA, FDBR and TDPSA – What you need to know about the US’s new privacy laws

  22 juillet 2024, par Daniel Crough

  On July 1, 2024, new privacy laws took effect in Florida, Oregon, and Texas. People in these states now have more control over their personal data, signaling a shift in privacy policy in the United States. Here’s what you need to know about these laws and how privacy-focused analytics can help your business stay compliant.

  Consumer rights are front and centre across all three laws

  The Florida Digital Bill of Rights (FDBR), Oregon Consumer Privacy Act (OCPA), and Texas Data Privacy and Security Act (TDPSA) grant consumers similar rights.

  Access : Consumers can access their personal data held by businesses.

  Correction : Consumers can correct inaccurate data.

  Deletion : Consumers may request data deletion.

  Opt-Out : Consumers can opt-out of the sale of their personal data and targeted advertising.

  Oregon Consumer Privacy Act (OCPA)

  The Oregon Consumer Privacy Act (OCPA), signed into law on June 23, 2023, and effective as of July 1, 2024, grants Oregonians new rights regarding their personal data and imposes obligations on businesses. Starting July 1, 2025, authorities will enforce provisions that require data protection assessments, and businesses must recognize universal opt-out mechanisms by January 1, 2026. In Oregon, the OCPA applies to business that :

  • Either conduct business in Oregon or offer products and services to Oregon residents

  • Control or process the personal data of 100,000 consumers or more, or

  • Control or process the data of 25,000 or more consumers while receiving over 25% of their gross revenues from selling personal data.

  Exemptions include public bodies like state and local governments, financial institutions, and insurers that operate under specific financial regulations. The law also excludes protected health information covered by HIPAA and other specific federal regulations.

  Business obligations

  Data Protection Assessments : Businesses must conduct data protection assessments for high-risk processing activities, such as those involving sensitive data or targeting children.

  Consent for Sensitive Data : Businesses must secure explicit consent before collecting, processing, or selling sensitive personal data, such as racial or ethnic origin, religious beliefs, health information, biometric data, and geolocation.

  Universal Opt-out : Starting January 1, 2025, businesses must acknowledge universal opt-out mechanisms, like the Global Privacy Control, that allow consumers to opt out of data collection and processing activities.

  Enforcement

  The Oregon Attorney General can issue fines up to $7,500 per violation. There is no private right of action.

  Unique characteristics of the OCPA

  The OCPA differs from other state privacy laws by requiring affirmative opt-in consent for processing sensitive and children’s data, and by including nonprofit organisations under its scope. It also requires global browser opt-out mechanisms starting in 2026.

  Florida Digital Bill of Rights (FDBR)

  The Florida Digital Bill of Rights (FDBR) became law on June 6, 2023, and it came into effect on July 1, 2024. This law targets businesses with substantial operations or revenues tied to digital activities and seeks to protect the personal data of Florida residents by granting them greater control over their information and imposing stricter obligations on businesses. It applies to entities that :

  • Conduct business in Florida or provide products or services targeting Florida residents,

  • Have annual global gross revenues exceeding $1 billion,

  • Receive 50% or more of their revenues from digital advertising or operate significant digital platforms such as app stores or smart speakers with virtual assistants.

  Exemptions include governmental entities, nonprofits, financial institutions covered by the Gramm-Leach-Bliley Act, and entities covered by HIPAA.

  Business obligations

  Data Security Measures : Companies are required to implement reasonable data security measures to protect personal data from unauthorised access and breaches.

  Handling Sensitive Data : Explicit consent is required for processing sensitive data, which includes information like racial or ethnic origin, religious beliefs, and biometric data.

  Non-Discrimination : Entities must ensure they do not discriminate against consumers who exercise their privacy rights.

  Data Minimisation : Businesses must collect only necessary data.

  Vendor Management : Businesses must ensure that their processors and vendors also comply with the FDBR, regarding the secure handling and processing of personal data.

  Enforcement

  The Florida Attorney General can impose fines of up to $50,000 per violation, with higher penalties for intentional breaches.

  Unique characteristics of the FDBR

  Unlike broader privacy laws such as the California Consumer Privacy Act (CCPA), which apply to a wider range of businesses based on lower revenue thresholds and the volume of data processed, the FDBR distinguishes itself by targeting large-scale businesses with substantial revenues from digital advertising. The FDBR also emphasises specific consumer rights related to modern digital interactions, reflecting the evolving landscape of online privacy concerns.

  Texas Data Privacy and Security Act (TDPSA)

  The Texas Data Privacy and Security Act (TDPSA), signed into law on June 16, 2023, and effective as of July 1, 2024, enhances data protection for Texas residents. The TDPSA applies to entities that :

  • Conduct business in Texas or offer products or services to Texas residents.

  • Engage in processing or selling personal data.

  • Do not fall under the classification of small businesses according to the U.S. Small Business Administration’s criteria, which usually involve employee numbers or average annual receipts. 

  The law excludes state agencies, political subdivisions, financial institutions compliant with the Gramm-Leach-Bliley Act, and entities compliant with HIPAA.

  Business obligations

  Data Protection Assessments : Businesses must conduct data protection assessments for processing activities that pose a heightened risk of harm to consumers, such as processing for targeted advertising, selling personal data, or profiling.

  Consent for Sensitive Data : Businesses must get explicit consent before collecting, processing, or selling sensitive personal data, such as racial or ethnic origin, religious beliefs, health information, biometric data, and geolocation.

  Companies must have adequate data security practices based on the personal information they handle.

  Data Subject Access Requests (DSARs) : Businesses must respond to consumer requests regarding their personal data (e.g., access, correction, deletion) without undue delay, but no later than 45 days after receipt of the request.

  Sale of Data : If businesses sell personal data, they must disclose these practices to consumers and provide them with an option to opt out.

  Universal Opt-Out Compliance : Starting January 1, 2025, businesses must recognise universal opt-out mechanisms like the Global Privacy Control, enabling consumers to opt out of data collection and processing activities.

  Enforcement

  The Texas Attorney General can impose fines up to $25,000 per violation. There is no private right of action.

  Unique characteristics of the TDPSA

  The TDPSA stands out for its small business carve-out, lack of specific thresholds based on revenue or data volume, and requirements for recognising universal opt-out mechanisms starting in 2025. It also mandates consent for processing sensitive data and includes specific measures for data protection assessments and privacy notices.

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  Privacy notices across Florida, Oregon, and Texas

  All three laws include a mandate for privacy notices, though there are subtle variations in their specific requirements. Here’s a breakdown of these differences :

  FDBR privacy notice requirements

  Clarity : Privacy notices must clearly explain the collection and use of personal data.

  Disclosure : Notices must inform consumers about their rights, including the right to access, correct, delete their data, and opt-out of data sales and targeted advertising.

  Specificity : Businesses must disclose if they sell personal data or use it for targeted advertising.

  Security Practices : The notice should describe the data security measures in place.

  OCPA privacy notice requirements

  Comprehensive Information : Notices must provide information about the personal data collected, the purposes for processing, and any third parties that can access it.

  Consumer Rights : Must plainly outline consumers’ rights to access, correct, delete their data, and opt-out of data sales, targeted advertising, and profiling.

  Sensitive Data : To process sensitive data, businesses or entities must get explicit consent and communicate it.

  Universal Opt-Out : Starting January 1, 2026, businesses must recognise and honour universal opt-out mechanisms.

  TDPSA privacy notice requirements

  Detailed Notices : Must provide clear and detailed information about data collection practices, including the data collected and the purposes for its use.

  Consumer Rights : Must inform consumers of their rights to access, correct, delete their data, and opt-out of data sales and targeted advertising.

  High-Risk Processing : Notices should include information about any high-risk processing activities and the safeguards in place.

  Sensitive Data : To process sensitive data, entities and businesses must get explicit consent.

  What these laws mean for your businesses

  Businesses operating in Florida, Oregon, and Texas must now comply with these new data privacy laws. Here’s what you can do to avoid fines :

  1. Understand the Laws : Familiarise yourself with the specific requirements of the FDBR, OCPA, and TDPSA, including consumer rights and business obligations.

  2. Implement Data Protection Measures : Ensure you have robust data security measures in place. This includes conducting regular data protection assessments, especially for high-risk processing activities.

  3. Update Privacy Policies : Provide clear and comprehensive privacy notices that inform consumers about their rights and how their data is processed.

  4. Obtain Explicit Consent : For sensitive data, make sure you get explicit consent from consumers. This includes information like health, race, sexual orientation, and more.

  5. Manage Requests Efficiently : Be prepared to handle requests from consumers to access, correct, delete their data, and opt-out of data sales and targeted advertising within the stipulated timeframes.

  6. Recognise Opt-Out Mechanisms : For Oregon, businesses must be ready to implement and recognise universal opt-out mechanisms by January 1, 2026. In Texas, opt-out enforcement begins in 2026. In Florida, the specific opt-out provisions began on July 1, 2024.

  7. Stay Updated : Keep abreast of any changes or updates to these laws to ensure ongoing compliance. Keep an eye on the Matomo blog or sign up for our newsletter to stay in the know.

  Are we headed towards a more privacy-focused future in the United States ?

  Florida, Oregon, and Texas are joining states like California, Virginia, Colorado, Connecticut, Utah, Iowa, Indiana, Tennessee, and Montana in strengthening consumer privacy protections. This trend could signify a shift in US policy towards a more privacy-focused internet, underlining the importance of consumer data rights and transparent business practices. Even if these laws do not apply to your business, considering updates to your data and privacy policies is wise. Fortunately, there are tools and solutions designed for privacy and compliance to help you navigate these changes.

  Avoid fines and get better data with Matomo

  Most analytics tools don’t prioritize safeguarding user data. At Matomo, we believe everyone has the right to data sovereignty, privacy and amazing analytics. Matomo offers a solution that meets privacy regulations while delivering incredible insights. With Matomo, you get :

  100% Data Ownership : Keep full control over your data, ensuring it is used according to your privacy policies.

  Privacy Protection : Built with privacy in mind, Matomo helps businesses comply with privacy laws.

  Powerful Features : Gain insights with tools like heatmaps, session recordings, and A/B testing.

  Open Source : Matomo’s is open-source and committed to transparency and customisation.

  Flexibility : Choose to host Matomo on your servers or in the cloud for added security.

  No Data Sampling : Ensure accurate and complete insights without data sampling.

  Privacy Compliance : Easily meet GDPR and other requirements, with data stored securely and never sold or shared.

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  Disclaimer : This content is provided for informational purposes only and is not intended as legal advice. While we strive to ensure the accuracy and timeliness of the information provided, the laws and regulations surrounding privacy are complex and subject to change. We recommend consulting with a qualified legal professional to address specific legal issues related to your circumstances. 

• How to build ffmpeg v6.0 with filter overlay_cuda ? [closed]

  6 février 2024, par yang

  My system version is ubuntu 22.04 LTS.

  


  I build ffmpeg v6.0 for tesla T4, but when I run

  


  ffmpeg -h filter=overlay_cuda


  


  the terminal output

  


  Unknown filter 'overlay_cuda'.


  


  then I tried to run

  


  ffmpeg \
    -hide_banner -y \
    -hwaccel cuda -hwaccel_output_format cuda \
    -i input \
    -filter_complex "[0:v:0]hwupload_cuda[main];[0:v:0]scale_npp=100:100,hwupload_cuda[logo];[main][logo]overlay_cuda[output]" \
    -map "[output]" -c:v h264_nvenc \
    output


  


  the terminal output

  


  [AVFilterGraph @ 0x561092fca380] No such filter: 'overlay_cuda'
Error initializing complex filters.
Filter not found


  


  Here is my build steps.

  


  1. install nvidia driver and cuda tool kit

  


  wget https://developer.download.nvidia.com/compute/cuda/12.0.0/local_installers/cuda_12.0.0_525.60.13_linux.run
sudo sh cuda_12.0.0_525.60.13_linux.run 


  


  2. download ffmpeg v6.0 source code and nv-codec-headers

  


  git clone -b release/6.0 https://git.ffmpeg.org/ffmpeg.git ffmpeg_cuda_6.0/
git clone -b sdk/12.0 https://git.videolan.org/git/ffmpeg/nv-codec-headers.git nv-codec-headers-12.0/
cd nv-codec-headers
make install


  


  3. ffmpeg configure and build

  


  PKG_CONFIG_PATH="/usr/local/lib/pkgconfig" \
./configure \
--enable-cuda \
--enable-cuvid \
--enable-nvdec \
--enable-nvenc \
--enable-nonfree \
--enable-libnpp \
--nvcc='/usr/local/cuda/bin/nvcc' \
--extra-cflags='-I/usr/local/cuda/include' \
--extra-ldflags='-L/usr/local/cuda/lib64' \
--enable-opencl \
--enable-shared \
--enable-gpl \
--enable-nonfree

make -j 8
make install


  


  4. export library

  


  export LD_LIBRARY_PATH=$LD_LIBRARY_PATH:/usr/local/lib/
export LD_LIBRARY_PATH=$LD_LIBRARY_PATH:/usr/local/cuda/lib64