What is PayPal? PayPal is one of the most popular and preferred online payment systems for sending and receiving money online. Worldwide, PayPal boasts nearly 300 million active users who rely on the service for online purchases/sales.
In effect, PayPal plays the role of a “middleman” between sellers and buyers, accepting payments of several currencies and conveniently steering them to the recipients without, hopefully, attempting to share any critical information such as bank account information and any other personal data like email, credit, and debit card that fraudsters would take advantage of.
Is it safer to use PayPal or credit card?
Is there any security concern that buyers and sellers need to be worried about when using PayPal? Certainly, as with every online transaction, there’s a risk of someone prying on their online connection for bank account services like credit, debit card.
For the most part, it can be said that PayPal is safe when using it to send and receive money. If anything, nothing is entirely risk-free. Glitches and instances of data breaches are almost everywhere.
Learn about PayPal scams and how to stay secure.
But again, PayPal is one of the most reputable firms around the globe with sufficient security and consumer protection policies in place to keep its clients relatively safe online, surprisingly it is one of those online payment account platforms where people are being scammed on PayPal. In the fourth quarter of 2020, PayPal had 377 million active accounts, meaning that a lot of people find it reliable to receive or send money using PayPal digitally.
How Safe and Secure is PayPal?
If you’re using PayPal online payment account to buy something, the company is determined to keep you safe. Here is how PayPal ensures your digital security when you are paying with PayPal:
PayPal’s website is encrypted and secure. As long as you have in place a secure connection channeled to a legal PayPal site, then any data or information that you get to exchange gets hidden from prying eyes.
PayPal employs industry-standard security tools that buyers would expect from a reputable financial institution. PayPal provides financial rewards to people known as “white hat” hackers that get to discover any vulnerabilities.
Layers of Protection Mechanisms
Have you ever handed a check to a merchant or used your credit card online? If so, then you have taken a lot of risks as you do when you offer or provide such data like email and information to PayPal.
If you are unaware, thieves can easily find routing numbers and your bank account on your check, and try to use that information to access your bank account and withdraw the available payment funds.
However, using PayPal could be safe than giving your complete bank account information or your credit card directly to a website know that you are purchasing your items from. But how, you may ask. You are keeping all your payment related data in one place – at PayPal – as opposed to spreading it in every other place that you get to shop.
If something fishy happens, then you won’t have updated all your electronic billers or cancel your credit card. All you have to do to secure your PayPal payment account is to change your credit card account number or password.
If you are intending to buy or purchase anything using PayPal, then there are a few tips that you need to put in place so that your personal and financial data stays safe. First, you have to avoid using public Wi-Fi to conduct financial transactions. If you are out and about, you are better using your mobile data when viewing or managing your PayPal payment account.
Secondly, you may have to keep the software up-to-date either on your mobile device or computer. By doing this, especially using some of the security software, then you’ll be ensuring that every transaction that you make is safe.
Thirdly, you need to be wary of email and links. Phishing scams also could feature messages that seem to come from PayPal though they link to some impostor sites that would steal your complete account information.
Lastly, as a buyer, you have to use a dedicated computer and a credit card as a funding method. At any time, don’t trust a computer at a cyber café to conduct transactions. Additionally, use a credit card as a funding method as opposed to relying on direct bank transfers or debit or credit card.
How is PayPal safe for Sellers?
If you run a business entity, then you would want every other transaction to result in a mutual gain. So, is it safe for you as a seller to rely on PayPal for PayPal pay me or pay me PayPal? as a means of processing customer payments? Plenty of business entities that rely on PayPal to process customer payments find it to be truly safe. While there have been a few cases from sellers who felt that PayPal left them out to dry, more than 90% of sellers trust PayPal. Here’s why:
A significant risk for sellers is the ease with which clients can dispute any charges as they have rights reserved. If your goods were not delivered or the PayPal account didn’t deliver what it promised, then you can forward your complaint, though with some solid proof for assistance.
If you are a seller, you need to ensure that you only ship goods to verified addresses, avoid delivering items in person, ask for a signature for expensive items, and communicate with unhappy clients politely and promptly.
Has PayPal Ever Been Hacked?
It’s important to understand that when going online, you’re opening doors to all sorts of actors. Some people exist on the web just to dupe you and profit off of your PayPal account or credit card transactions.
There’s a difference between PayPal getting hacked versus PayPal account getting hacked. If you mean, have PayPal accounts being hacked? Know that the answer to that question is yes.
Here’s why you need to secure your online payments.
Also know that accounts typically get hacked where the hacker gains access to your credentials just like a credit card, such as email addresses and passwords. Know that PayPal is no different as being one of the most popular websites comes with its perks and drawbacks.
The Bottom Line
So, is PayPal safe? The answer to that question is yes. As noted earlier, also PayPal takes its platform security seriously to the extent of financially rewarding computer security experts that get to discover any flaws, breaches, and vulnerabilities that can be found in PayPal’s digital data defense system.
Also, PayPal claims that it’s very safe to transmit money using its platform. Buyers and sellers using PayPal would find it safe, especially if they follow the appropriate security measures, such as using two-factor verification. Also, PayPal covers clients when they do not receive the item(s) they had initially purchased, or when the thing is significantly different from what the merchant had described.
PayPal employs three security measures –email confirmations, data encryption, PayPal Security Keys- to ensure that the money you spent so hard earning stays where it is supposed to be. To cut a long story short, PayPal is safe, or, to the very least, reliable compared to other money transfer services.
However, you shouldn’t entirely trust PayPal as it is. It’s always good to have an additional layer of encryption securing your transactions and your online activities. PureVPN provides state-of-the-art AES 256-bit encryption that’s renowned in the industry. Stay safe on the web when connected with PureVPN.