The second half of 2021 saw 35.5 billion online transactions processed with a global growth in volume of 44 percent year-over-year (YoY), according to a recent LexisNexis® Risk Solutions study. The study illustrated that accelerated digitalization, fueled by the pandemic, continues across a multitude of different demographics and geographies. This change in consumer mentality and behavior has in turn led to new fraud and identity threats. Due to the pandemic, more people than ever before have switched to online options for their entertainment, shopping, finance management, working and learning.
Unfortunately, cyber fraudsters have also adapted to this new way of life. Always trying to stay ahead of the curve, fraudsters took advantage of the online presence of more and more consumers. Cybercriminal organizations devised advanced methods to scam and steal data, which created new threats for internet users.
The Buy Now, Pay Later Laws of Attraction
As consumer habits shifted to online shopping and resource constraints arose from the pandemic, buy now, pay later (BNPL) emerged as an efficient way to shop and pay for services. BNPL lets users spread the cost of their purchases over a series of interest-free installments.
Pioneered by firms such as Klarna and Afterpay, BNPL is now booming globally. In fact, major global players such as Paypal, Amazon.com, and Apple are jumping on the bandwagon as well. As more consumers have chosen to shop using BNPL, more financial…
