Is PayPal Safe?

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Hot tips to bolster your PayPal’s account security

Is PayPal safe? Well, taking into account that PayPal’s one of the oldest and most ‘seasoned’ online money transfer platforms, it’s safe to assume that many an effort have been made to bolster its security.

Of course, timeline-wise, it was a trial-and-error kind of gig but at the moment, PayPal’s right out there with the big players such as Revolut, Dwolla, TransferWise, Payoneer, and Google Pay. So, what does that tell us in terms of cybersecurity? With that being the question du jour, let’s dig in and find an answer to our “chicken-or-the-egg” question: is PayPal safe or not?

Before we dwelve into it, if you are concerned about PayPal account’s security, here are 11+ scams you should look out for. Right, now onto the breach!

Is PayPal Safe for Your Cybersecurity?

In a nutshell, I would have to venture to say that PayPal is not completely safe. Of course, the same thing can be said about any online money transfer platform, but keep in mind that being the eldest player, it obviously attracts a lot of unwanted attention. And with some 227 million account holders worldwide, figuring out who’s next in line to be swindled is like playing charades.

According to the company, online fraud incidence is holding at a steady two percent, which is pretty decent considering that PayPal alone processes $235 billion in payments per year, and has ties to no less than 17 million websites and organizations.

Considering these numbers, we can assume that the peer-to-peer payment platform is not short of fraud attempts. So, what are the main risks of opening up a PayPal account or holding on tight to the one you have? Here’s a rundown of the most common types of swindling attempts.

1. Phishing

Phishing’s probably the most ‘abused’ and quite successful online scam (makes you wonder if PayPal is safe or not). Why is that, you ask? I wouldn’t pin it on the account holder’s gullibility; more on the fact that no one’s willing to spend ten minutes of their time reviewing PayPal’s Buyer and Seller Protection policy.

In the aforementioned article, I pointed out that most users are not aware of simple, down-to-earth PayPal facts (i.e. the platform will never request private info like address, password, financial details, or your social security number via email).

If your inbox lights up and you see an email from ‘PayPal’ requesting those details, then it’s more than likely a fraud attempt. PayPal phishing comes in many guises: some will ask you to follow a link in order to review and update your financial info, others try to reel you in with the promises of free cash or out-this-world prizes, while some are nicely wrapped in a sad story that tugs on your heartstrings (i.e. fake charities).

Be careful around emails containing attachments. Official PayPal emails don’t have any, apart from the company’s header.

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