Open Banking

I must concur with OP. NEVER agree to open banking request from a betting company. You don't know where your personal information would end up!

Is this why some firms,PP eg are steering us towards instant bank transfers?...connected?...

Open banking uses API technology. Which facilitates the transfer of data. My industry is accounting. So for example you can link your business bank account feed to your accounting software via open banking. So that refreshes every day, allowing you to do your bookkeeping in the software via statement lines that have just generated in the actual bank. Just like personal banking, you no longer need to log into your own business bank account to carry out activities, as the data is available/mirrored in authorised third party software.

You can also pay business bills automatically, once they have been generated in the accounting software (which can also be done via API or e invoicing). It's obviously far more convenient, and in theory improves cashflow.

I've never been offered the option in a betting company, lead on. I would have thought if it was open banking that it would be obvious. You'd be taken out of the betting company website and linked to True Layer (or similar), where you'd select the accounts and authorise the open banking by entering your personal banking credentials. The clue's in the name, though I do appreciate that some people will click whatever they are asked to click, without actually knowing what they are agreeing to.

people have handed over credit/bank cards in pubs,restaraunts etc where they take the card out of your view,bar/back office to do whatever they want to do with it  for 40 yrs and more, i still cant get my head round this assumpotion that all bookies are bent not to be trusted etc but the answer to this for some is to use blackmarket,unlicenced bookies

People can't do much with a card, apart from potentially clone it. This is not about the bookies being overtly crooked. As I understand it, open banking is being leveraged as the so called 'frictionless' checks. ie they will have software that will scrape all of the activity in your account(s). They'll know what people earn, spend their money on, their mortgage payments, bank balance(s), what supermarket you shop in etc etc.

So obviously they can target you with specific advertising, restrict your account, whatever.

For avoidance of doubt, there is nothing wrong with the technology per se. I agreed to open banking only yesterday for a new 24/25 ISA. However I only authorised one of my sub current accounts which has no rich data.

People just need to do it (if they do it it) with their eyes open.

Never ever hand over one's debit/credit car to any rep of retailer esp petrol pump or restaurant out of sight as it "can" open to abuse eg card cloning/over charging which had happened numerous times in these two sectors in the past; always, always asks the staff to bring the card machine to you.

ffs imp123 still living in the 90s

Cash is KING

'dave1357', had you ever been done? I had. Just the day in Farmfood I paid by debit, and told the cashier I did not need a receipt (eco friendly). He put the money in his pocket just after serving me - I saw it!

Did I say anything? No, because I'd seen him many times in the same store. Also, he was fairly elderly possibly the oldest in that store. But, I was very annoyed though. Next time I'll ask/insist on a paper receipt if he serves me again. Other server I'd not.

cool story bro

i suffered fraudb on my credit vcard over 2 0 yrs ago,never give card or number to anyone there  was what must have been a test buy a takaway meal in a  london takeaway  300 miles from me ,followed by multiple foreign hols and flights booked through EXPEDIA ,got it all back ,but no wise as to how they got/used my/our details

Apr 7, 2024 -- 2:50PM, 1st time poster wrote:

i suffered fraudb on my credit vcard over 2 0 yrs ago,never give card or number to anyone there

1st time poster, your card would have been cloned in seconds.

May I suggest people using Google/Apple pay while paying in shops. When using Google /Apple pay with your phone, it will use a virtual number, which is more secure.

When you tap to pay, Google Pay sends a virtual account number to the merchant instead of your actual card number – so your payment info stays secure.

Worth a read.  https://safety.google/intl/en_uk/pay/

Thanks

This card thing is a complete red herring. Also nowadays a dodgy payment machine is a far more likely fraud vector than someone "taking a card to the backroom".

The point of the thread is that you should point blank refuse a bookmaker open banking access and indeed complain to the data protection regulator if asked. They already have your full name, DOB, postcode, email address and perhaps bank account number. With open banking they will have all other information required to answer any security question the bank could ask or to send you credible phishing emails. The bookie won't do this, but as soon as the hacker community get wind of the treasure box of data held by these companies, they will become huge targets.