is paypal safe and secure

Is PayPal Safe and Secure for Transactions?

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When it comes to shopping and paying online while sending and receiving funds across the globe, PayPal is the safe bet. According to YPulse, Millennials use PayPal as they see it reliable, popular and recommended brand.

Amid the popularity of this platform, one question arises- How safe is PayPal? How Secure it is when you need to transact?

Some risks of using PayPal include phishing and common scams, which are ready to siphon off your hard-earned bucks.

Continue reading to learn about PayPal scams and the security measures you can take while using PayPal to ensure the transactions remain safe.

Table of Contents

What are PayPal Scams?

These scams are carried out through fake calls/emails/ links that ask you to fill in your personal payment details. Using social engineering tactics, the scammers convince the users to click fake PayPal links and their credit/debit card details. 

One of the common PayPal scams is pretending to be a legitimate buyer. The scammer creates a fake account to send fake invoices or make fake purchases with the objective of tricking the victim into sending money. Another type of scam is developing phishing emails designed to look like coming from PayPal. However, this leads to a fake website asking users to provide their login information. Once the user provides the same, the scammer accesses it and steals the money.

Latest PayPal Scams You Must Know About

According to Statista, online payment fraud has exceeded from 2020 to 2023. Nearly 41 billion U.S. dollars were estimated in 2022, which was high from the previous year. PayPal was one of the platforms that was involved in this, too. With more than 300 million account holders, PayPal users are the soft targets for scammers. Here are a few latest PayPal scams you should know:

Accidental Overpayment Scam

When scammers overpay for an item and request a refund into another account, it’s an accidental overpay scam. Once the fraudsters receive the payment, they cancel the original transaction. Therefore, the user faces the sale and refund loss. Also, further issues take place when the real account owner reports an issue.

Invalid Shipping Address

This scammer affects ecommerce sellers like Amazon and eBay. This involves providing false shipping addresses and creating delivery loopholes to receive and refund the item.

Fake Email

This is one of the common tactics to scam PayPal users. The scammers send an email claiming that a specific user’s account has been hacked/locked. Having said that, send a mail, and once the user clicks on the same, a fraudulent login page opens. Once the information is entered on that fake website, like credit card information, password etc., it goes straight to the scammers.

Fake Invoice Scam

Scammers create fake PayPal business accounts to send invoices.  Once the user opens the invoice, it will include the seller’s note and a phone number for help. Once the user contacts the number, then he/she is asked to download an admin tool so that the user can control the system.

Advanced Fee Scam

In this scam, the scammer will ask the user to make a payment for an item or service. However, the service will not be provided to the user, nor will the item arrive. These may include high-value transactions.

How to Recognize PayPal Scams?

According to PayPal, there are some common red flags to help you detect spot phishing scams-

Fake URLs

Some texts and emails may create an unsafe website. So, check URLs and the spelling of the company name from where the mail is coming. Also, check the mail to see if it’s coming from another domain other than PayPal.

Generic Greetings Message

PayPal uses your full name associated with your account. If you see generic greetings like “Hello member” or “Dear Customer,” it’s a scam email.

Grammer Mistakes

Most phishing messages contain many grammar mistakes, typos and misspellings.

Email Attachments

Don’t open any mail attachments as they can contain viruses or other malware to infect your device. Open the attachment only if you confirm who is sending it and what’s inside the mail.

Warning Mails

If you receive a message that your account is being compromised, it may be a scam. You can check your account activity directly from the PayPal app.

Personal Information Request

PayPal never asks for personal information from a user over the phone, text, or email. Never share any personal information like passwords, credit card numbers or any validation codes with anyone.

5 Quick Tips to Use PayPal Safely

Not feeling confident to use PayPal again?  Well, we can save your back with the valuable tips. Here you go-

1. Activate Two-Factor Authentication

With this security feature, an additional layer of protection will be added to your PayPal account. If somebody can access your account anyway, they won’t be able to log in without the unique code.

2. Use a Strong Password

Make sure that your PayPal account password is unique and strong. It must be difficult to guess and should not be related to your personal accounts, like nicknames, birth dates and common words.

3. Utilize the power of VPN

Virtual Private Network or VPN enables you to encrypt the internet connection while creating a secure and private connection to the internet. This will prevent the fraudsters from accessing your personal information like login credentials or credit card details. Also, a VPN can bypass geographical restrictions to help you access PayPal anywhere globally. You can start using 4Freedom VPN to experience safe and secure PayPal browsing that comes with the promise of providing ultimate safety. Download now!

4. Don’t Use Public WIFI

There is a high chance of snooping on free public Wi-Fi. Therefore, avoid using public networks during initiating any public transactions. However, a VPN can safeguard your contact information by encrypting your data.

5. Don’t Disclose Personal Information.

Sharing passwords or account credentials with anyone may put your account at risk. Even if an expert is troubleshooting your account issue, they don’t have the right to ask for your personal information. Double-check the information that you receive regarding your account.

Look Before You Leap!

Although PayPal incorporates secure encryption technology to improve its safety measures, scammers are clever enough to break the periphery of security. By taking preventive measures, you can secure your PayPal too. Protect your account; if any feels off, you must step back. If you find anything suspicious, stop immediately! Stay informed and hatch up your next steps accordingly!

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