Security News > 2022 > February > Open banking innovation: A race between developers and cybercriminals
Open banking APIs handle everything from account status to fund transfers to pin changes and account services.
On top of open banking driving API utilization, APIs have become a de facto standard in modern application development, with organizations often deploying thousands of APIs for a wide variety of purposes.
Why are APIs in open banking a common target for cybercriminals?
Cybercriminals will target APIs in open banking because of their ability to provide direct access to capital.
Combined with the fact that the trend of API attacks as one of the most common and effective forms of cyberattack today means open banking APIs are at particular risk.
While the installation of API security precautions allows for the integration between banking apps and FinTech companies, these numerous touchpoints are also where cybercriminals look to exploit vulnerable code.