How does the PayPal payment system work? Is it safe?

PayPal focuses all of its attention on making sure that every transaction you make through the service is as smooth and secure as possible

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PayPal appeared in 1998 and is used by hundreds of millions, and it is one of the safest ways to conduct financial transactions over the Internet, and it is probably safer than using a credit card.

How does PayPal secure your information?

Monica Eaton-Cardone, Operations Manager at 911 Chargebacks, a platform that manages chargeback-related frauds; “PayPal is an online payment system that focuses on the laser concept of payments.”

In other words, PayPal focuses all of its attention on making sure that every transaction you make through the service is as smooth and safe as possible.

The service automatically encrypts all transactions using the Secure Socket Layer technology – known as SSL – 128-bit encryption. PayPal also performs server checks to ensure that customers are using a certified browser (support SSL or higher) for web-based transactions.

Is PayPal secure?

PayPal is a popular financial service with high levels of end-to-end encryption. Moreover, PayPal has added security features that go beyond some of the technologies used in other systems, such as SSL and encryption.

IDX President and CEO Tom Kelly said PayPal stores all of its data “in one online collection system, which is much safer” than how credit card data is stored using multiple locations.

PayPal offers a robust purchase protection program for buyers and follows the Payment Card Industry Data Security Standard (PCI DSS), a set of standards that credit card companies also follow to secure user data and protect against theft and fraud.

It is important to note that PayPal acts as a secure broker and never discloses credit card numbers or bank account information during a transaction, which can happen if you use your credit card on other sites.

How to protect yourself from any security holes in PayPal?

Monica Eaton-Cardone cautions that no service is completely secure, and “even though you are well-protected from the other party, you are not immune to piracy, theft or fraud. If you make mistakes of carelessness, it could lead to your PayPal account being hacked. Himself is not infallible. ”

In short, most of the vulnerabilities come from users mistakenly revealing their username and password to hackers. Traditional scams – such as phishing attacks – remain a danger that people should be wary of.

Tom Kelly advised that “using two-factor authentication in combination with a strong password is critical.”

Every user should enable two-factor authentication to prevent hackers from taking advantage of stolen login credentials. Since you can link PayPal to other accounts, devices, and email addresses, unused and forgotten links are a risk to your PayPal account.

Rob Shawville, co-founder and CEO of online privacy firm Abine said, “Delete unused accounts associated with old email addresses. People often forget that they may have linked an inactive PayPal account to a funding source that is still active. It is best to close the account to ensure that no one else has access to it.”

According to specialists, PayPal is safe at present, but taking into account users’ keenness to take appropriate security steps.

Source : websites