Over 2000 US adults shared thoughts on their experience with Buy Now Pay Later services offered via retail sites
Nearly half of BNPL users use same password for all their accounts. Source: depositphotos.com
Callsign has found that nearly a third of Americans who experienced fraud now worry about paying for things online, but more strikingly, 23% no longer use any BNPL services and 18% no longer use the corresponding retail website.
Besides, 31% of those who experienced fraud now worry about paying for things online while 76% of those who use BNPL services believe their BNPL provider will protect their personal data
Nevertheless, of those who use BNPL, one in seven have experienced fraud.
In fact, 45% of those who use multiple BNPL services use the same email and password for all their accounts. 55% of those surveyed believe that BNPL providers should be most responsible for protecting their customers against fraud.
At the same time, 48% of US-based adults surveyed use Buy Now Pay Later services to make purchases, increasing to 61% in the 18– 34-year-old population. These are significant numbers when you consider that 1 in 7 of these individuals has been a victim of fraud, extrapolating to a staggering 22 million American adults.
The odds increase exponentially when factoring in those who leverage multiple BNPL services. Not only does the landscape for fraudsters broaden, but nearly half of all the respondents who use more than one BNPL service, use the same email and password for all their accounts which only makes the fraudsters’ jobs easier.
But despite the prevalence of fraud, 76% of consumers who use these services trust BNPL providers to protect their personal data and protect them from fraud (75%). On the other hand, of the general population that has not used BNPL, those figures drop to 53% and 51% respectively.
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