PayPal is an e-commerce business used globally for money transfers through the Internet. PayPal holds funds in twenty-six currencies worldwide in 190 markets and manages 232 million accounts. In 2006, PayPal introduced a security key as an additional precaution against fraud. The account holder enters the log-in ID and password and is then required to press the button on the security key and enter the six-digit number password in the log-in screen.
Is it safe to connect your PayPal to your business bank account? In 2001, PayPal experienced online fraud with international hackers who were hacking into accounts and transferring small amounts of money. In March 2008, the Australian current affairs show, Today Tonight, aired a segment criticizing PayPal with regard to safety. In June 2008, Australian Competition and Consumer Commission said that the evidence available does not support the view that PayPal is the most secure method of payment.
An account holder can still fall victim to scams involving PayPal. Consumers should not link a PayPal account to a bank account or debit card account. If a PayPal account is compromised, it is money taken directly out of the bank account. If the e-commerce account is linked to a credit card, a consumer has sixty days to refute the charges against the credit card company.
It is important to keep the security on your computer up to date by installing the latest critical security patches to the operating system. Consumers should not log into a PayPal account from an Internet cafe or public computer. Criminals can install spyware on the computer that will log the keystrokes. Theft experts recommend that consumers should download and print all payments to keep as backups for purchases made.
Is it safe to connect your PayPal to your business bank account? An account holder can still fall victim to scams involving PayPal. It is highly advisable that consumers do not link a PayPal account to a bank account or debit card account.
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