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Business owners using paypal BEWARE!

by Thomas Michal
5 replies
I personally can't use paypal. However, I continuously check google news on paypal hoping for their crushing competition to come rolling in.

(it seems less likely everyday now.)

BUT, I stumbled across this news article that I believe business owners should beware of:

New scam uses PayPal

There are people draining business accounts in paypal and no one knows why, so all I'm saying is be careful on what you download and what emails you open.
#beware #business #owners #paypal
  • Profile picture of the author webapex
    The article seems to indicate that a new Palpal account is just being used as a channel for transferring fund from a bank account that has been violated, the victimized business may have not even had a palpal account.
    The point of violation was not identified, but they suspected business computers were compromised.
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  • Profile picture of the author Ryan Sorensen
    I was just talking to a friend in IT security last night about this. It's amazing how many vulnerabilities there really are on the internet and how many hackers try to break through sites we use on a daily basis. Just to illustrate this, there are literally 70,000+ attempts to break into U.S. government network on a DAILY basis.

    Yes, there are risks with putting bank and credit card info online, and having it stored on our computers, but when it comes down to it the only thing you can really worry about is having some fraud protection with your bank. Because there really isn't anything else we can do besides not having any transactions online, and how many of us can survive with IM by doing this?

    Best to just keep working, put some preventative measures in place with your bank and avoid any suspicious emails, and not worry too much.
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  • Profile picture of the author ryanlucht
    Common sense is always the best way to avoid PayPal scams like these. Check who sent the email, where links are taking you, where you're logging in, etc. Run virus scans.

    The fact of the matter for me is that PayPal still remains the easiest, most convenient, universally accepted and used processor for me, my clients, and the subscriptions I pay on a monthly basis.

    So I will continue using PayPal.
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    • Profile picture of the author Thomas Michal
      Originally Posted by ryanlucht View Post

      Common sense is always the best way to avoid PayPal scams like these..
      Well you must have not read the article because it states:

      "The scary bit is that neither PayPal or banks know how the crooks are getting into bank accounts and hooking them up to legitimate PayPal accounts"

      So in this matter there is no "common sense" involved.
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      • Profile picture of the author ryanlucht
        Originally Posted by Thomas Michal View Post

        Well you must have not read the article because it states:

        "The scary bit is that neither PayPal or banks know how the crooks are getting into bank accounts and hooking them up to legitimate PayPal accounts"

        So in this matter there is no "common sense" involved.
        That's talking about the bank side of things though. The hackers are probably getting access to the PayPal account part of the equation through one of the scam types I talked about. Once they have access, PayPal isn't sure how things are proceeding.

        That was my understanding at least, correct me if I'm wrong.
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