Bank account tied to PayPal? Beware.

[SBS.95]

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

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.

 

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[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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[Tengen]

Has anyone tried using two-factor authentication?

They don't seem to advertise it very well, had to google this, but the link is here

https://www.paypal.com/us/cgi-bin/webscr?cmd=_security-key

Looks like you can get a keychain thing or just register your mobile.

Only downside I see is that I prefer to use Google Authenticator, as it works even if you don't have phone reception. Also seems you can't recognise your home computer as safe, so you'll have to get an SMS code each time you want to log into PayPal

 

[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.

 

[LOYD]

Glad this got bumped! Anyone know if Stripe is in the clear?

I'm using Stripe for my online store and it's way better than PayPal. One of the reasons I used it instead is because of how much PayPal sucks. Definitely recommend it.

 

[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.

 

[Mike Kavanagh]

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.

Most Trojan kits I've ever mess with when I was in high school have full screen record capability. That's not even safe.

 

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[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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[RHL]

Paypal is one of those shit businesses where they create almost zero actual value, and instead use near-monopolies (on things like eBay) to force customers to accept a vastly inferior product. Compare the PayPal system to what's in place on, say, Amazon for buying from third party vendors. Their fees are absolutely outrageous, they favor the buyer over the seller 99.99% of the time (I was forced to accept the return of an obviously worn and sweated in $300 set of designer jeans after attempting to dispute the claims of the buyer), their dispute system is a joke, and it generally functions like a relic of the Web 1.0/AoL era.

I hated Paypal when it first rolled out, and I still do.

 

[BlakeIC]

Paypal is one of those shit businesses where they create almost zero actual value, and instead use near-monopolies (on things like eBay) to force customers to accept a vastly inferior product. Compare the PayPal system to what's in place on, say, Amazon for buying from third party vendors. Their fees are absolutely outrageous, they favor the buyer over the seller 99.99% of the time (I was forced to accept the return of an obviously worn and sweated in $300 set of designer jeans after attempting to dispute the claims of the buyer), and it generally functions like a relic of the Web 1.0/AoL era.

I hated Paypal when it first rolled out, and I still do.

I wonder what paypal would be like if elon musk never sold it

 

[randomnumber314]

I ran a software company that did 100% of revenue through PayPal. We had a program that would log in and withdraw all the money in the account over $5k everyday. I know of a larger company ($50mm annually) that withdraws 100% of the account at COB every day.

Moral being: if you have to use paypal, take steps to put your money in your pocket asap.

 

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[Ninjakid]

I have many beefs with PayPal.

Their customer service is shit. My dad tried to activate his account with them and all he kept getting a message saying that the server is down. When we called the tech support, the woman said, in these exact words, "well the server is sometimes wonky." It was on speaker-phone, so I asked, "it's 'wonky'? What the hell is that? Does your server work or does it not? If it's a bug, then get them to bloody fix it." She said that after she put us on hold for 20 minutes and that's the best advice she could offer. So after going through a few different people, someone fixed the issue. Can't remember what it was.

And considering who easy it is for hackers to get access to people's passwords and login names, PayPal is very irresponsible and I don't really trust a company like that to be accountable with my money.

As a person who specializes in cyber-security, I will tell you this: it is NOT VERY DIFFICULT to get access to someone's PayPal account, and in fact, very amateurish hacking techniques will get you full access to someone's account. And as an organization, I think PayPal is neither equipped, nor very responsible to be held accountable for such a thing.

 

[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.

 

[AndrewNC]

I think the bottom says it all "Please don't reply to this email. It'll just confuse the computer that sent it and you won't get a response.

Sounds kind of like their customer support when I tried to get $10,000 out of my account last November-February.

 

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[biophase]

I got this email yesterday. It's a dispute from a purchase from July 2012. And yes they took the $300 from my account. I don't even see how the credit card company of the buyer can file a chargeback on this?

I go one step further. It's not enough to just withdraw your paypal account to your bank account because they can go into your bank account and move funds back to Paypal. So I withdraw to my bank account and then immediately transfer from that account to another account. I don't do that everyday, I only do it when my funds hit $5k. Which is how they got the $300 from me.

The UPS tracking number of the product I shipped doesn't even work anymore. I don't know how long UPS keeps their tracking records available. So how do you prove you shipped it? I am tempted to go into all my Paypal accounts and dispute every single charge from 2000 on till 2014 and see how many of those I win.

 

[theag]

View attachment 8863

I think the bottom says it all "Please don't reply to this email. It'll just confuse the computer that sent it and you won't get a response.

Sounds kind of like their customer support when I tried to get $10,000 out of my account last November-February.

Wow that sucks. Please let us know how this plays out.

I do mid 5 figures/month with paypal, its the clearly preferred payment method of my customers, about 50% chose it.

I also pay my facebook ads and a lot of other stuff through PayPal so there is never a lot of money in there. I transfer once per week to my bank account, about 1-2k each time.

Havent had problems yet and I honestly really like PayPal but some of the posts here surely are alarming.

In the end I think its the same as it is with Amazon. Its more important for them to please the end-customer.. Same with Facebook ads support. Its practically non-existant because they focus on the end-customers. On the other hand Adwords support is amazing, because you ARE the end-customer..

 

[Andy Black]

I withdraw to my bank account and then immediately transfer from that account to another account.

Thanks for the tip @biophase

 

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[theag]

I withdraw to my bank account and then immediately transfer from that account to another account.

Just send my banker an email that I need another sub-account . Thanks for the tip.

Also just activated 2-step authorization after rereading this thread. Didnt even knew they offered this.

 

[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?

 

[theag]

What payment options are better?

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.

 

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[parkerscott]

Just another thing I wanted to add on paypal.

There was a preworkout supplement called ds craze that every bodybuilder loved. I got word that it was being banned. Then I saw it getting pulled off bodybuilding.com So what did I do? I went to every GNC in a 30 mile radius, and bought every tub they had. If I couldnt sell it in 30 days I would just return it lol. I was confident I could sell it all though. Went home to list the product on ebay, and ebay pulled any listings. (hows that for control) So I went on the bodybuilding forums, and advertised the product because people were making threads and asking for it. (I had 20 tubs) Sold all of them in about 15 minutes, and made about 1k profit.

Now how does paypal tie into this? I had the person paypal me the money. Everything went smoothly, and it still has to this day about a year and a half later (knock on wood) When I went to transfer the money to my bank account though, I was only allowed to transfer about 400$ a month. What kind of BS is that? Its my money so give it to me now.

 

[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