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May 27, 2021

PayPal selects Arkose Labs to secure Honey platform against online fraud

By Shalini mani

PayPal has tapped Arkose Labs to secure its shopping and rewards platform Honey against security threats and online fraud.

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What does the future hold for BNPL market?

The global Buy Now Pay Later (BNPL) market is estimated at a massive $120 million in 2021 – representing just less than 3% of the global ecommerce market. Yet the user-base is massive, with leading provider, Klarna, alone reportedly having 87 million users in 2021. This market is only expected to grow, with established companies like Apple and Goldman Sachs moving into the BNPL sector in bids to capitalize on this trend. To help you make the most of this growing market, GlobalData’s Buy Now Pay Later in 2022 and Beyond report provides detailed insight into the BNPL sector. This report:
  • Discusses the disruptive potential of the BNPL sector on the payments industry
  • Identifies the leading companies that are driving sector growth and the benefits this new payments solution provides to both merchants and consumers
  • Analyzes the consumer’s risk of using BNPL loans and government attempts at introducing regulations to the sector
  • Uncovers the main risks that consumers expose themselves to when borrowing with BNPL
Download this free report to get to know where this developing market is headed, and how you can reshape your strategies.
by GlobalData
Enter your details here to receive your free Report.

Honey by PayPal comprises free tools for people to save time and money during shopping online. Among other things, the platform helps people to find the lowest price and notifies them when the price drops on select items.

PayPal enterprise cyber security vice-president Assaf Keren said that partnership with Arkose Labs is aimed to advance security and vigilance to a new level where merchants and consumers alike have even more confidence their transactions are safe.

The Arkose Platform is designed to classify traffic according to the underlying intent of users and to implement appropriate countermeasures to remediate attacks in real-time.

It streamlines account sign-up process and stops fraudsters from using stolen or fake user credentials to open fake accounts.

The company also prevents account takeover by fraudsters and protect inventory information and other commercially sensitive data from malicious, automated scraping activity.

Arkose also secures the ecommerce platforms against inventory hoarding from automated bots that add items to shopping carts in order to make money or disrupt a competitor.

The platform also detects large-scale testing of stolen payment credentials on ecommerce checkout pages and preventing fraudulent gift card purchases.

It stops automated scripts from abusing the login and sign-up forms to verify stolen credentials and perform credential stuffing attacks.

Arkose Labs CEO Kevin Gosschalk said: “Fraud detection and prevention has never been more important, and Arkose Labs enables ecommerce platforms to take a zero-tolerance approach to fraud and abuse on their websites and apps, while enhancing user experience and customer loyalty.”

“We look forward to working with PayPal and the Honey team to tackle fraud and abuse in its different forms with an approach that embraces targeted friction combined with risk-based assessments.”

Earlier this month, PayPal expanded its partnership with Google Cloud to further accelerate its digital transformation and cater to the evolving customer needs.

The firm posted a net income of $1.09bn for the first quarter of 2021 compared to $84m in the year-ago period.

Free Report
img

What does the future hold for BNPL market?

The global Buy Now Pay Later (BNPL) market is estimated at a massive $120 million in 2021 – representing just less than 3% of the global ecommerce market. Yet the user-base is massive, with leading provider, Klarna, alone reportedly having 87 million users in 2021. This market is only expected to grow, with established companies like Apple and Goldman Sachs moving into the BNPL sector in bids to capitalize on this trend. To help you make the most of this growing market, GlobalData’s Buy Now Pay Later in 2022 and Beyond report provides detailed insight into the BNPL sector. This report:
  • Discusses the disruptive potential of the BNPL sector on the payments industry
  • Identifies the leading companies that are driving sector growth and the benefits this new payments solution provides to both merchants and consumers
  • Analyzes the consumer’s risk of using BNPL loans and government attempts at introducing regulations to the sector
  • Uncovers the main risks that consumers expose themselves to when borrowing with BNPL
Download this free report to get to know where this developing market is headed, and how you can reshape your strategies.
by GlobalData
Enter your details here to receive your free Report.

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