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A report released today by Trend Micro has found that new European Open Banking rules could leave financial services organizations and their customers more susceptible to cyber-attacks.

The European Union’s Revised Payment Services Directive (PSD2) is designed to give users greater control over their financial data and the option to carry out Open Banking via a new breed of innovative fintech firms. According to Trend Micro's research, that increased control could come at a heavy cost.

Vulnerabilities that could be exploited as a result of the EU's PSD2 include public APIs that allow approved third parties to access users' banking data and mobile apps that contain transactional data that could make users targets for phishing attacks.