Impact Story: Buy Now, Pay Later Provider Supercharges Growth and Reduces Fraud Losses by $9M with Socure
Blog post from Socure
Buy Now, Pay Later services are projected to fund $18.5 billion in holiday purchases, reflecting growing consumer demand for flexible, often low- or no-interest payment options, particularly among Millennials and Gen Z. As providers expand, they must balance rapid customer approvals and merchant growth against fraud and payment-default risks, including first-party fraud committed using legitimate identities. One BNPL provider partnered with Socure to improve onboarding verification and fraud detection, reporting a 22% reduction in overall fraud losses, $9 million in savings, a 19% reduction in losses tied to payment defaults, and a 38% decrease in fraud investigations. Socure’s first-party fraud consortium also identified risk signals across institutions, including prior account closures associated with some first-payment defaults, enabling the provider to reduce losses while increasing approvals and improving onboarding for legitimate customers.
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