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Plaid Uses Open Banking Data to Fight Fraud

Connecting consumer bank accounts to financial services applications has been the business of Plaid since 2013. More than 50% of all people in the US who have a bank account have given Plaid permission to facilitate the delivery of their financial data between more than 7,000 financial apps and 12,000 financial institutions. To protect its open banking network from fraud and abuse, Plaid spent the last several years using its network data to build a machine learning-based risk engine and trust score. Now Plaid is making its fraud fighting service available to customers. Plaid Protect,...

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June 2025

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