Fraudsters are clever. They are always scheming of new ways to defraud banks, lenders and fintech’s of every dollar they can.
But according to Karisse Hendrix, a self-professed “Chargeback Nerd”, who runs her own business called – Chargealytics Consulting, this new scheme might be one of the insanely creative fraudster schemes she’s seen since the early days of PayPal. It’s quite devilish actually.
And those fraudsters are leveraging this new scheme to steal every penny they can from Buy Now Pay Later (BNPL) merchants.
It Involves Creating A Fake Account With Stolen Information
The scheme is well laid out by Karisse here.
At its core, fraudsters are harvesting stolen data from consumers through fake merchandise sales and then using that information to setup fake BNPL accounts with various merchants.
Listen to The Podcast To Catch The Whole Scheme
If you want to hear the whole scheme, check out Karisse’s podcast here. I highly recommend it. Karisse is an extraordinary resource to the industry on all things fraud.