Bank account tied to PayPal? Beware.

[DaRK9]

lol those arent even safe

in fact the ability to crack those is very well known


If you are worried about key loggers, just down keyscrambler

I should have specified. On Screen Keyboard in browser. Most loggers do keystrokes and screenshots, but most have the screen shots timed too far apart to capture any real data.

Key-loggers are a bigger deal than you would think. I had my Gmail hacked that way once.

I'll have to look at that software and try it out. Thanks.

 

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[BlakeIC]

I should have specified. On Screen Keyboard in browser. Most loggers do keystrokes and screenshots, but most have the screen shots timed too far apart to capture any real data.

Key-loggers are a bigger deal than you would think. I had my Gmail hacked that way once.

I'll have to look at that software and try it out. Thanks.

Yea the in=browser virtual keyboards keystrokes can still be collected
It is actually quite easy to do

 

[DaRK9]

Yea the in=browser virtual keyboards keystrokes can still be collected
It is actually quite easy to do

That's crazy. Even the encrypted ones? Not ones that just pass the data through to the field?


Sent from my iPhone using Tapatalk

 

[babardator]

I happen to live in Ramnicu Valcea, Romania. It's a small city that has been nicknamed Hackerville by some international newspapers.
Here are a lot of people doing this sort of thing for a living and many have made fortunes.

You should be very carefull with your personal information, it might end on wrong hands.

http://www.worldcrunch.com/tech-sci...-scam-internet-website/c4s10532/#.U6NkQ0Cuat8

http://www.wired.co.uk/magazine/archive/2011/03/features/welcome-to-hackerville

 

[DaRK9]

Yes.

But I hope you realize the underlying security threat here is the fact that PayPal is such an incompetent conglomerate that they themselves should not be trusted with $1, yet along $1000.

I was meaning for any and all banking. I don't like PayPal but sometimes I have to use it. Mostly for personal stuff.

 

[frieden70]

@MJ DeMarco don't you run the INSIDERS's subscription through PayPal still?

Why haven't you decided to move away from them? Curious more than anything...

 

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[gstarr]

Paypal is horrible!!!! Company set up a merchant account with them and got all the approvals to go ahead and start charging. That weekend we sold $100,000 worth of training. Paypal promptly shut us down and held the money for 6 months stating that no one can sell that much legit in one weekend.

 

[NicoleMarie]

Paypal is horrible!!!! Company set up a merchant account with them and got all the approvals to go ahead and start charging. That weekend we sold $100,000 worth of training. Paypal promptly shut us down and held the money for 6 months stating that no one can sell that much legit in one weekend.

:\ Hope Stripe is better then. I heard they have lower fees and are overall better.

 

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[MJ DeMarco]

That weekend we sold $100,000 worth of training. Paypal promptly shut us down and held the money for 6 months stating that no one can sell that much legit in one weekend.

 

[nzerinto]

As @Tengen said, try to use 2-factor authentication for everything.

One of the best methods - a physical dongle that you physically hold. Most hackers do their thing across borders, so the chances of them hacking accounts AND breaking into your house are very very slim.

Google Authenticator (on your mobile) is good, or if you don't trust smart phones either, try something like the YubiKey

 

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[Sean Clancy]

Just tried to subscribe as a Fastlane INSIDERS, but it is REQUIRING a PayPal account...WTF? I don't have a PayPal account and I don't want one. Why is PayPal required? I'm willing to pay by Google Wallet, Amazon payments, whatever, just not PayPal. I just want to give MJ my money!!

 

[Sean Clancy]

Weird...I was able to pay by going straight to the viperionpublishing.com site and check out without a PayPal account. Not sure why if I try to pay directly from this site, PayPal requires you to have an account. Either way, I'm happy now with the INSIDERS pass.

 

[MJ DeMarco]

@biophase might have some to add to this...

 

[BlakeIC]

@biophase might have some to add to this...

Cant wait to hear this

 

[Vigilante]

Not good

 

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[Lathan]

If I remove my bank account from paypal does that mean I can't accept payments through paypal on ebay? Paypal is one the most popular ways people use to buy things on ebay. Also makes it super easy with printing my own labels etc... What are my options? Thank you.

 

[Durete]

So, if Paypal is "no good" or "Too high of a risk"
What payment options are better?

Also: Is anyone here accepting payments from a small blog/few items/amazon here on a personal paypal account. or do you really need to have a merchant/small business account for that?

 

[smarty]

Paypal is the worst from past experiences, another company that's just as bad is eBay at least for the seller eBay always takes the side of the customer even when the customer is wrong.

Also those companies charge too much.

Paypal is owned by eBay so they are essentially the same company

Edit: I didn't see this post was from 2010

 

[Durete]

All payment options have risk.

Credit card processors can shut you down and hold your money, too.

Even bank account based payments are not completely "safe". With direct debit inside the EU for example, customers can get their money back immediately with a click of a button in their online banking withing 8 weeks or more. Of course it has legal consequences if they do (its basically fraud), but the possibilty is there. But in Germany its the most commonly used payment method with a very very large lead (basically the equivalent to credit cards in the US), so you cant ignore it.

Safest is obviously advance payment via wire. But who likes to pay with that? Some of my customers do, but I have to cancel a lot of these orders because they simply dont pay/forget about it.

You have to find a balance between risk/control and conversion rates. Because most customers like paypal/directdebit/credit card... Diversify. Build a relationship with your payment processor when you start doing higher volume. Have alternatives set up ready to go in case somebody shuts you down for whatever reason.

Thank you for the information.

I definately need to read into this topic more before putting my business online.
I don't expect many sales in the start(I don't get high hopes, as I'd rather be surprised than to be dissapointed.), but you never know.

So far the plan was to put everthing through paypal, as it accepts direct debit, credit card, Ideal(imo the best way of payment...ever) and paypal payments.


But this post makes me think twice.
So I'll have to go read and think about other options(Not all options are available for me as my company is not based in the US/Canada)
On first view Google wallet however looks like a potential other option. (Just a first view, did not research them yet)

 

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[Djs87]

I just got off the phone with them actually. I have two PayPal accounts. One personal and one that accepts payments for my business. I enabled second sign in security for my personal account using my cell. Then I tried to enable it on my second business account, arguably the more important one, and their system errored and wouldn't let me add it.

Having two accounts seems like a pretty normal scenario. Trying to secure both of them also seems like it would be a really common occurrence. Their answer to me? Sorry, our system doesn't allow that. Just use a strong password or get another cellphone.

Oh, okay. Thanks for sucking so much a$$ that I'm now looking for an alternative. A company as large as PayPal somehow doesn't allow you to protect more than one account with a mobile device. Seems like a huge oversight in their security plan.

 

[foreverforex]

If you want unnecessary stress and more problems than you already have, sure use PayPal. They'll happily provide you with that service.

I've had a bad run with them. It's just one big vicious circle, between YOU, the BUYER and PayPal.

 

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[Austin Sarwar]

So is this a need then. I was thinking of How crap pay pal is the other day and Now I see this.

 

[ThinkDifferent]

I pulled this from another forum ... this made me realize that someone could login to my paypal account and initiate a transaction, totally cleaning out my bank account. If that happens, I'm STUCK WITH PAYPAL'S dispute resolution. And PayPal's assurances? "Don't worry, we will send you an email" -- really? They sent this poor guy an email and they f*cked him over, refusing to refund over $1,000. Imagine if this was $10,000 ... remember, this is your bank account!

As a result, I removed my bank account from PayPal -- there's no way in hell I'm giving these bozo's and their "dispute policies" any chance. Control, control, control...

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Board Message

I dont know why nobody noticed but the complaint from the guy has got nothing to do with having a bank account tied to your Paypal. Paypal is legally not allowed (and never do it) to take out money from you regular bank, and hackers arent able to upload money to your PP from your bank account without your internet banking info.

The issue with this guy is that somebody sent him a keylogger and sent the money that was already in his PP through his own IP address and through friends/family. As I can read the hacker was prolly a pro because he got through the ID verification of the moneyexchanger too. There is really nothing that PP can do in that case, or otherwise buyers could ALWAYS get the money they sent to someone back which would make PP even a worse place to do business at.

The worst issue with PP is that customers who buy stuff through goods/services from you can always get their money back if they know how the system works. They can claim the product or service wasnt the same as described and can send some random mail back to the buyer and there is no amount of proof that will let PP not refund it. Often they will not take the money from your PP and still refund the transaction to the scammer.

Another issue is that PP sooner or later will block your account and hold the money for 180 days. Sometimes its because you accepted too many friends/family payments and sometimes just random based on nothing. I know of many many people who had issues with this. One guy got 100 000usd stuck and couldnt pay his suppliers, his entire business got destroyed by it and he became depressed.

It is therefore important to withdraw the money every 1-2 days. And even better, make sure you have several back up plans. I for example used a total of 7 paypals. 4 from family and friends and 3 illegal ones.

I withdrew my money every day and still when it got locked they had 9500 euro for 180 days, because they closed it on a Monday the previous 2 withdrawals werent processed..... Paypal really is a shit company but many times we just need it.

I hope I have helped you guys a bit and I hope I havent planted any bad ideas.

 

[ThinkDifferent]

You have 3 "illegal" accounts?

Yes had, but they are locked already. Now have 2 legit ones left from close friends.

If anyone has a problem with a paypal claim you can send me a PM.

 

[GPM]

Speaking of Paypal...

Someone logged into my account 2 days ago, changed all the bank information over to their account (chequing AND credit card), and deposited a little over $600.

All of this was sorted out through PayPal and I got my money back, but my banking information is still listed as the crooks. I am going to be taking this information to the bank AND the police.

I did not think what would have happened had he made large purchases on the account instead, and taken money from my bank! Wow, could have been bad.

 

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[ExCubeCommando]

Thanks to everyone for taking time to post all the helpful information on this thread about Paypal.

I have 2 business bank accounts, I run a repair business (B2B) - one for dealing with local customers, and one for repair and resell on eBay. I had both accounts on Paypal, but I just closed one. Now I'll just use the one account for the Paypal funds, then each week when I make my regular customer deposits to my main business account, will just transfer must of my secondary bank account funds to the main account. That should minimize risk by keeping the secondary account back to near zero, and keep their hands out of the cookie jar should temptation arise.

 

[Growth & Learn]

FYI...

Anyone who has had their cash tied up and *held* by PayPal in the past might be entitled to reimbursement from a class-action lawsuit.

https://www.accountholdsettlement.com/

Lawsuits such as these sometimes pay two bucks, but sometimes they pay hundreds. While I tend to think the class-actions only make big dollars for the lawyers, this one probably had some merit as PayPal has done some ridiculous things with people's accounts, many times, unwarranted.

Does this lawsuit mean that Paypal will stop doing this?

 

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[BlakeIC]

If PayPal every held your money unfairly, you could be a party to a class-action.

https://www.accountholdsettlement.com/

Might be worth your time to register to be in the class. The last time I was apart of a class with a class-action payoff for misdealings, I got a check that totally unexpected.

bookmarked for when I am back home

 

[tflfguy]

This happened to me a long time ago. Back in the early 2000's.

I've been using a Paypal Security Key since then with no problems.

https://www.paypal.com/webapps/mpp/security/security-protections

Thank you, Allen - I've never had any issues with PayPal, but I will start using the PayPal Security Key...

 

[eliquid]

I've been with PP a long time. Did some good business through them.

They once froze my account for 6 months because a client chargedback her consult fee with me by mistake ( she used Amex to pay for the PP invoice ).

That hurt me a lot at the time because I was running a lot of stuff ( incoming and outgoing ) with PP. Not sure if I qualify for this class action though. Most times I have been in them, I have gotten a check, but it was for like .34 cents