Forter GM and VP of Sales, APAC Monica Acree recently sat down with Theresa Abela, group chief risk and compliance officer at Openpay, to discuss the rapidly growing buy now pay later (BNPL) industry and the company’s phenomenal growth. They also talked about the role of fraud prevention in their business strategy and the three areas Openpay plans on focusing on as a business. Openpay is a leader in the BNPL industry.
Demand is rising for BNPL services around the world, especially in Australia. According to Worldpay, in 2020, 10% of all eCommerce purchases in Australia were made via BNPL.
Consumers most often opt for a BNPL solution to pay for large items like electronics or furniture— but commonly comes in handy during emergencies such as a pet needing emergency surgery or if their car breaks down and needs repairs.
The quick decision-making that comes with many of these crisis-timed transactions makes them especially ripe for fraud. Fraudsters can access goods or services with a lower likelihood of initial detection, leading to an increase in chargebacks and lost revenue for the service providers. For Openpay, the ability to make accurate, real-time decisions rather than relying on manual review and rules is critical.
Theresa said that when it comes to potential risks and fraud scenarios that happen across the customer journey, Openpay faces slightly different challenges from region to region. By working with Forter, the company can address those complexities, especially when dealing with third-party fraud.
Interested in hearing the entire conversation between Theresa and Monica? You can listen to the full recording here.