521–530 of 536 posts
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Seems like limiting their payment processing was a pretty effective step.
I disagree as the article clearly states they have other payment processors and were already moving away from PayPal.
Spammers and their ilk, though, are not really famous for sticking to the truth.
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If they are just as insecure as credit cards, then I can understand they're a poor choice. But why doesn't the US use more secure bank cards?
There’s no such thing as a “bank card” you talk about. It’s called “debit card” and is the exact same thing, with the exact same baseline security. What is confusing you is probably that European banks push 3D Secure really hard, so most online transactions are further verified, and that chip&pin cards and online readers are prevalent - the same thing Americans call “Apple Pay is supported”. All that works on debit O…
* don't have the credit card like information like card number, verification number or CVC code.
* They are directly linked to a bank account like you described.
* They have the account number (IBAN) printed on them. Knowledge of that number doesn't get you closer to the money in the account, though.
* To actually use them on an ATM or at a POS, you usually use chip and pin. In the POS case, the POS randomly chooses between PIN and your hand written signature as proof of ownership.
* You can't directly pay with them online, though (ignoring extra features some variants have).
* To pay online if you only have one of those cards, you usually pay by wire transfer using your account number, the pin number from above and a tan (a single use number created for this transaction only). Money reaches the recipient between a few minutes and a day later.
* Practically everyone with a bank account has such a card.
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Given the amount of horror stories about PayPal, "it won't happen to me" seems like an incredibly risky stance. Of course there are many, many people using PayPal without issue, but these stories show that it can happen to anyone at any time for no reason , no matter how long they've been happily using PP.
Most of the real horror stories about PayPal are about companies that are doing something that PayPal wouldn't want to be associated with, such as Spam, Porn, or filesharing. some of the stuff is already in their ToS, but quite a few of the stories came from before they had it explicitly in their ToS. So I'm not surprised that people continue to think "It won't happen to me" if they don't think they're doing anything…
Bottom line is, its a huge risk. I wouldn't want to base my business on such a significant risk and at least have a fallback in place.
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Don't keep your money in paypal, withdraw it to your bank account as soon as you can.
And don't let PayPal know what you are doing or they may cancel your account.
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No, you cannot. Federal law sets out how all banking must be done. There is always reciprocity. Since PayPal isn't regulated as a bank there is no directly applicable federal law. Instead, it's regulated on a state-by-state basis and the majority of the time you'd be hard pressed to figure out exactly who within your state you would have to file a complaint with. PayPal wants it both ways. It wants to act like a bank…
Yes, you can. Not all of these may be great examples, but the fact that this many were on the first page of a google search makes it pretty clear that this issue isn't isolated to paypal https://www.reddit.com/r/legaladvice/comments/al27fr/bank_ac... https://www.reddit.com/r/legaladvice/comments/basfne/online_... https://www.reddit.com/r/personalfinance/comments/54zjq2/my_... https://www.reddit.com/r/Bitcoin/comments…
Contrast this with PayPal who needs no reason to freeze your funds and will hold them as long as they damn well please please federal banking law (for the most part) does not apply to them.
This even though they're regulated as a bank nearly everywhere else in the world. But then again this is the US and when do we ever do anything that makes sense?
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I just googled PBN. It looks like it is a black-hat, completely inauthentic SEO tactic that has no legitimate value. Why on Earth or you defending them? Am I missing something?
You are indeed missing something. I am not defending them. But if they are doing something that PayPal hasn’t banned and obviously found acceptable for 12 previous years, it means that all businesses are in immediate danger of being instantly banned without explanation on the whim of any of thousands of PayPal employees. That is a huge problem, and should concern everyone that depends on them for payment processing.…
That's no news. Many PP user are fully aware of that fact. There have been similar cases over the years, completely unrelated to PBNs. That's the deal with PP, take it or leave it.
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Credit / Debit cards are the same thing online. We, as is USA people, use the terms interchangeable often. I'm going to guess that most EU people have some form of banking card. So we will continue to assume that people have a form of payment other than cash.
> Credit / Debit cards are the same thing online. No, they are not. With a credit card you can pay by entering the card number, expiry date and CVC. With debit card you can't do that. The payment must go through your bank. It's a completely different payment flow.
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There are lots of horror stories about Paypal, but there is an obvious problem, nobody is going out of their way to write a blog post about how Paypal always worked for them. You can find pretty much the same horror stories about any Bank or credit card company.
No, you cannot. Federal law sets out how all banking must be done. There is always reciprocity. Since PayPal isn't regulated as a bank there is no directly applicable federal law. Instead, it's regulated on a state-by-state basis and the majority of the time you'd be hard pressed to figure out exactly who within your state you would have to file a complaint with. PayPal wants it both ways. It wants to act like a bank…
I too, wish governments would get their shit together and regulate them. The corrupt governments (especially US) of today wouldn't even regulate regular banks, quite the opposite.
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I read your comment as suggesting that certain actions aren't a good use of time or that they shouldn't be done because they don't fully solve the problem. I understand the dissatisfaction with half-measures. But I would argue as long as the actions have a meaningful impact and there isn't a promising alternative, it is still worthwhile.
I get that, but you can waste all of your time baling out water, or you can plug the hole.
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There’s no such thing as a “bank card” you talk about. It’s called “debit card” and is the exact same thing, with the exact same baseline security. What is confusing you is probably that European banks push 3D Secure really hard, so most online transactions are further verified, and that chip&pin cards and online readers are prevalent - the same thing Americans call “Apple Pay is supported”. All that works on debit O…
The European (I assume, I only know the ones from Germany) debit cards are distinctly different from credit cards or the debit cards you described in that they * don't have the credit card like information like card number, verification number or CVC code. * They are directly linked to a bank account like you described. * They have the account number (IBAN) printed on them. Knowledge of that number doesn't get you cl…
The 2FA used to be done with one-time TAN numbers on paper, but many banks switched to a special device that generates these numbers on the fly based on your account, the amount transferred and some random number, and in recent years many banks are switching to a mobile app for dedication. But authorisation always happens through some form of 2FA between you and the bank, and never relies on sending any kind of sensitive information (like credit card numbers) to third parties (merchant, PayPal, whatever).
Sadly, iDeal is only supported by Dutch banks and Dutch merchants (and international merchants that care about the Dutch market, like Steam). I really wish there was something like this that was internationally supported. Relying on sharing credit card numbers, seems really backwards and terribly insecure. Well, it is terribly insecure, as evidenced by all the panic when a company leaks a million credit card numbers. You never get that kind of panic when someone leaks a million account numbers, because in a secure system, that's simply not enough to get any money out of that account.