7/26/2023 0 Comments Credits for nbc app![]() Scammers could either steal someone’s identity to create a new account on the apps, or steal information to take over one that already exists. “They say, ‘What can we do to get our hands on that piece of the pie?'” ![]() “All the sudden the lights turn on, the dollar signs come in the eyes of the threat actors,” Lutz told NBC2. Cybersecurity expert Evan Lutz explained that scammers tend to target what’s new and growing in popularity, and right now, that includes ‘buy now, pay later’ apps. The concern with the apps isn’t only about credit risk. Within the past year, the CFPB issued orders to the five app companies listed above and is working to gather more information on the risks and benefits of these loans. There has been a push of late for more regulation. But there needs to be some regulation surrounding this or we’re going to have a problem,” Pearlman said. ![]() “I know in an app world, you’re not using wet ink. It warned that the purchases often carry late fees, that the apps have fewer protections than credit cards and that returning items can get complicated. government, shared its concerns about the apps during last year’s holiday shopping season. The Consumer Financial Protection Bureau, an agency of the U.S.
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