Online
payment system PayPal has many users. According to one estimate, more than 192
million people worldwide use PayPal for online sales and purchases. This is a
very convenient service that offers the same protection as a credit card.
PayPal has powerful consumer protection processes in place. But fraudsters have
found ways to cheat people on this reliable payment gateway as well. The
world’s most recognized system makes it the big target as well. As a brand
name, being taken advantage of by phishers has become a usual state of affairs.
How do you protect yourself as a PayPal user?
Fraud Prevention Tip#1: Do Not Link PayPal with Bank Accounts or Debit
Card
This way,
you can prevent the scammer who gains access to your PayPal account from
cleaning out the bank account. There have been cases of scammer getting a hold
of PayPal details and creating a problem for the users.
Fraud Prevention Tip#2: Get An Extra Layer of Protection Using a
Credit Card
PayPal
covers you in case an item you purchase does not arrive or is not what you
ordered. By taking a credit card to fund PayPal purchases, an extra layer of
protection can be gained because the charge can be disputed through the credit
card firm. As soon as you discover the scam, contact PayPal and the credit card
company. Credit card protections are associated with federal law. If a dispute
with the credit card issuer is filed, PayPal will have to prove the transaction
was legit. PayPal offers the benefits to work with card issuers in the way that
individual consumers do not.
Scammers
send spoof emails that come from PayPal but are associated with dummy sites.
They come with a PayPal logo. Users unwittingly give their password and information.
All you have to do is go to the PayPal account, login and check for
communications. Another good way to make out spoof links is that the link can
be copy pasted on the browser and searched for to see where it goes.
Fraud Prevention Tip #4: Monitor the Balance
Thieves may
use tactics like draining the account with smaller withdrawals hoping users
will not notice. Payments appear to be small, and that is the trick behind the
fraudster’s mode of functioning. Another important point to remember is that
non delivery by merchants or items that are different from what was described
by merchants is entitled for a refund by PayPal users.
Fraud Prevention Tip#5: Always Check From Verified Merchants
When
someone is not legit, verification is the key to ensuring that you do not get
shortchanged. PayPal verified users and merchants who provide important
information. While this does not guarantee that legitimacy is assured,
verification adds a guarantee for the buyer.
Conclusion
PayPal has
a lot of benefits for both buyers and sellers. But just as technology has made
things easier for people, it has also made it simple for criminals to take
advantage of the system. Don’t let some scammer access your PayPal account.
Follow these fraud prevention tips and
safeguard your interest.
