How Secure Is PayPal?

The online payment system PayPal advertises with the slogan “Safer”. The principle is very simple: PayPal acts as an interface, i.e. as a trustee, between a buyer and seller. The seller can be sure of getting his money, the buyer, his goods. Nevertheless: Some rules should be followed so that PayPal is actually “safer”.

PayPal security system: Protected account information

The undoubted advantage of PayPal is: Your account details are not sent to the seller. You forego direct debits, online transfers, and credit card statements and the seller only sees your email address registered with PayPal. Your account details are only stored with PayPal.

PayPal Buyer Protection

As part of buyer protection, the full purchase price and the shipping costs incurred will be reimbursed if the goods are faulty, do not correspond to the description, or have not been sent. PayPal has provided step-by-step instructions on how PayPal Buyer Protection works on its website.

Security key from PayPal

In addition to the password, PayPal recommends the security key, which generates a new six-digit number code each time that is entered when logging in. Only valid once, no third party can unintentionally log into the account.

Customer service PIN for the phone

Use a PIN to clarify detailed account questions over the phone. You can see a one-time PIN in your account under “Contact” (“Call us”). You can access your personal customer service PIN under “My Profile” under “Customer Service PIN”.

Golden safety rules for PayPal

The collateral that PayPal uses is in line with current standards. Nevertheless, it doesn’t hurt to consider a few points yourself:

• Use all the security tools offered, as well as the security key and customer service PIN.
• Confirm your bank account after opening your PayPal account so that the payment system can link your email address to your bank account.
• Use PayPal Buyer Protection: Report conflicts with sellers 45 days after purchase. If the problem cannot be clarified, you can leave the clarification to PayPal within 20 days.
• Treat your account access confidentially: Do not give your password to anyone.
• Choose a strong password. Numerous users tend to use a master password for (almost) all online services – PayPal is about your money. Make up a strong password that you won’t use anywhere else.
• Don’t fall for fake emails: Phishing has become a common scam method. If you are asked to store your password, credit card, or other data somewhere, do not respond. PayPal will never ask for your details and PINs.
• Surf safely: Check online shops to see whether they are reputable.
• If you were logged into a website, log out again at the end of your visit. This is particularly important on public computers, for example when you are out and about in an Internet café.
• Current software projects: Both your browser and your virus protection program should always be up to date.

Also Read: A Basic Guide For Parents To Internet Safety