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Criminals exploit buy now, pay later services like Klarna and Afterpay

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The Klarna logo displayed on a phone screen.

Jakub Porzycki | NurPhoto | Getty Images

LONDON — Buy now, pay later services aren’t just popular among consumers. They’re also proving to be a hit with criminals.

Fraudulent activity is on the rise at some of the largest buy now, pay later (BNPL) platforms in the industry, which include Klarna, Afterpay and Affirm, according to fraud experts who spoke with CNBC.

BNPL products let shoppers split the cost of their purchases over three or four months, often interest-free. They’ve become massively popular in the U.S. and Europe, and generated almost $100 billion in transactions globally in 2020 alone.

“Criminals love buy now, pay later,” Martin…



Source cnbc.com

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