We are living in an age where BNPL payments are expected to hit $700 billion accounting for all global online transactions by 2025 noted Bahaa Abdul Hussein. Needless to say, in the era of online shopping there are also cyber crimes are on the rise.
Every day, we see news that sensitive information from big organizations has been leaked on the dark web. On the other hand, anyone can learn to become a fraud these days as social media sites like YouTube and TikTok are rife with tutorials on how to trick consumers. Following are the major areas of security concerns for BNPL-led shopping that one should keep in mind while dealing with e-commerce platforms.
Hacking
Everyday, millions of users around the world become victims of hacking. Though hackers target users based on different areas of vulnerability, it’s always a good practice to protect your data. Ensure your passwords are strong, enable multi-factor authentication and scan your account for suspicious activity constantly.
Fake accounts
BNPL-based theft takes the form of cyber criminals using thousands of fake accounts to make BNPL purchases. They pay only the first installment and then close their accounts, making them hard to trace and creating significant losses for the business.
Keylogging attacks
This involves the use of fake sites and screens that interrupt unaware users to enter confidential data on seemingly authentic sites. This way, malwares are employed to extract passwords, credit card information and so on. Fradulent accounts take over the real ones this way.
FaaS
This refers to “Fraud as a service” where middlemen dupe consumers between the e-commerce sites and BNPL platforms. They lure you with fancy discounts, buy products on behalf of you and then raise disputes with the BNPL apps. They receive full refunds from the BNPL service and abscond with your first installment.
Beware of online fraud
In order to avoid these security threats, always exercise caution while online shopping. Do not click on links received from someone you don’t know and never share full bio data information on conspicuous places like your Twitter bio. Use anti-virus software and VPN to protect your transactions. If you run an online business, invest in top-notch security solutions to protect your consumers against such fraud. If you’re shopping from a new site, check the reviews and do not proceed if the site seems sketchy. Always stick to trusted sources when it comes to online shopping.
The blog has been authored by Bahaa Abdul Hussein and has been published by the editorial board of Fintek Diary. For more information, please visit www.fintekdiary.com.
