LAS VEGAS — The Consumer Financial Protection Bureau Director Rohit Chopra hopes the financial services industry moves away from screen scraping although the CFPB’s Oct. 22 Section 1033 Open Banking Rule did not ban the practice outright.
“I favor the end of the screen scraping as fast as possible,” Chopra told Bank Automation News at the Money20/20 event on Oct. 27.
While the bureau’s open banking rule does give direction on how to make sure consumers can share their data, the issue of screen scraping is neither explicitly defined nor banned in the ruling, he said.
“Screen scraping means many things,” Chopra said, noting that any banning of the practice would depend on how it’s defined and the specific use cases referenced.
In today’s context, screen scraping is already on the decline as the use of multifactor authentication ticks up and the transfer of data is accomplished mainly via safer channels, like APIs, he said.
While screen scraping is not banned, it also doesn’t mean it is used often, Chopra said. In fact, he said, screen scraping “even without this [added] regulation … has already taken quite a dive.”
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