Buy now, pay later company's shares crash on US fraud

Key points

• Shares in buy now, pay later company Zip Co fell sharply on Friday after it disclosed a coordinated fraud attack in the United States. The company said the fraud cost $US7.2 million in cash operating expenses and disrupted transaction volumes and customer growth.
• Zip has notified authorities and lodged an insurance claim. Shares dropped 27.2 per cent to $1.51, a seven-month low.
• The company said its US customer base reached 4.7 million, and its US revenue rose 11.1 per cent to $259.7 million.