Open banking is still relatively new and, in principle, the risks of fraud are lower than with other online payment methods such as credit and debit cards. But is this actually true? Are there potential vulnerabilities in open banking that aren't present with existing banking and payment methods? The open banking regulations in the UK and Europe have only been in force for a couple of years. Although the underlying PSD2 (Revised Payment Services Directive) EU regulation came into existence in early 2016, it wasn't fully enforced until September 2019. Since then, the number of FinTechs and other companies - officially known as Third Party Providers or TPPs - making authorised accesses to bank customer accounts has steadily increased.