Criminals exploit weaknesses in buy now, pay later programs

Fraudulent activity on buy now, pay later (BNPL) platforms is on the rise as criminals exploit weaknesses in application processes to steal a wide variety of items from retailers. “Fintechs are very lucrative because they’re typically fast-growing, early-stage companies,” said Kevin Gosschalk, founder and CEO of Arkose Labs. “They have much lower controls than the big banks that have been around for many years on the security side, so it makes them a good target.”