BACKGROUND:
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. With warnings of BNPL fraud particularly timely as Black Friday kicks off the critical holiday shopping season next week.
Criminal gangs are exploiting weaknesses in the application process for BNPL loans using clever tactics to slip through undetected and steal items ranging from pizza and booze to video game consoles.
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