PayPal – Not so secure after all?
May 7th, 2009 | 
Author: Are you an average user of paypal? Do you think your transactions are secure? Well.. You’re completely wrong! You could be scammed any time, even orders that you have previously done could be “un-done”!
Many “Hackers” (not actually hackers, but coders) use trojans and key-loggers to steal your passwords. For now, lets say your computer is secure, and you are doing a paypal transaction. The person on the other end could be using a “hacked paypal” (key-logged) in which they will send you the money. You will then send off whatever it is that you are selling, a day later you will find that your funds have been retracted and your account is “locked” (not usable). You then have to verify things with paypal (takes around a week), and your account may or may not be re-activated.. but.. The money! It’s gone, you got scammed. This can be avoided by waiting 2-3 days after the transaction before providing the product.
Another scam?! Well, as you probably know, on paypal you can submit a report in which says “I did not receive product”, or “I did not make this payment”. So, lets say you sell something. The transaction has went through, and you send the product off. A couple weeks later, the funds have been refunded (automatically), and your account may be locked. The person has submitted a report against you, or said they did not make the payment (as in, they got hacked). Now, you’re out of money!
How do we avoid dealing with these issues?
1) ONLY do business with people who have a very positive reputation.
2) Ditch paypal, and use other companies: AlertPay.com, MoneyBookers.com
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Posted in Fraud, Security Tips | 
Tags: chargeback scam, echeck secure, merchant secure, papal security, paypal scam, paypal secure, seller scam, transaction secure