So a new account user has to pay 25% of their first purchase...

So a new account user has to pay 25% of their first purchase upfront before they get their goods. Then need to start making repayments before their credit limit is slowly increased from the lowly initial limit of around $100-$200...

For someone to steal (ie not make repayments) something expensive ($500+) they would need to have an existing Afterpay account that had a good history of making repayments on previous smaller purchases. Cannot see a criminal beibg bothered buying and paying for $200 goods legitimately to enable them to steal a more expensive item later on, which would then render that account useless.

Not too sure of many criminals that are happy to pay 25% upfront on goods before they 'steal' them... Theives generally try not to pay anything they steal...

New accounts are going to be increasingly screened which is going to make having multiple accounts increasingly difficult.

As for the $7m written off, this would have helped weed out a lot of customers that Afterpay wont be dealing with in the future...