Any fraudulent activity involving Buy Now Pay Later is referred to as Buy Now Pay Later Fraud (BNPL). In this fraud either fraudsters target payment systems or they take advantage of BNPL providers’ and merchants’ onboarding procedures.In order to avoid detection, fraudsters frequently use stolen identities to make illegal purchases.It can be challenging for businesses to monitor fraudulent activity when fraudsters evade payment verifications.In account takeover fraud, the fraudster has obtain the user’s credentials through phishing scams, social engineering, or dark web purchases. The fraudster then alter the physical mailing address, password, and email address after gaining access to the BNPL account in order to take over the account. Artificial intelligence, machine learning, behavioral biometrics, and anomaly detection are the best methods for identifying and, even better, preventing BNPL fraud.
