New research shows that only a third of Brits trust buy-now-pay-later (BNPL) services to protect their data. A Callsign study of 2,000 UK consumers revealed that one in eight had experienced BNPL fraud, with 21% saying they signed up to a fake BNPL service, while 20% said their account had been hacked.
More than a third of respondents (35%) said they don’t believe BNPL providers will protect them from fraud, while a fifth said they now worry about paying for things online.
Callsign chief commercial officer Amir Nooriala said ‘BNPL provides a great opportunity for users to win themselves extra time to pay off their purchases, but the ever-rising fraud rate increases the risks associated with using the service. To maintain trust and keep their reputations intact, businesses need to respond quickly and appropriately to the high risk of fraud now linked to BNPL.’
Links: https://www.paymentscardsandmobile.com/one-in-eight-consumers-have-experienced-bnpl-fraud-in-uk/
https://www.callsign.com/knowledge-insights/bnpl-research-report-2022