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A failure of security systems at PayPal is causing concern for German banks

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Re: A failure of security systems at PayPal is causing concern for German banks

#21

Post by red_trumpet »

fweimer wrote: post #11
mtmail wrote: post #3

German, well West European, banks are slow in creating a competitor to Paypal, called Wero. https://en.wikipedia.org/wiki/Wero_(payment) I'm not implying they block Paypal because of that. It's good to have more competition and I wished my bank would take part.

The existing giro system is the real Paypal competitor. Most Europeans had access to Paypal-style money transfers before they had email. Merchants probably want to rely on another party to maintain their integration, but there is no real need for another centralized service similar to Paypal. (The U.S. really is an outlier among developed nations in that its giro system is not widely used, and many residents would no…

> Most Europeans had access to Paypal-style money transfers before they had email.

Bank transfers were not instant though, they usually took a work day. This is changing with the introduction of instant transfers, which become mandatory to support this year, and are also not allowed to be more expensive since this year also.

Re: A failure of security systems at PayPal is causing concern for German banks

#22

Post by tietjens »

Terr_ wrote: post #14

In this case I think it's justified [0] to offer an alternate reporting: https://www.bbc.com/news/articles/cj6y42jggdyo > European banks have seen widespread unauthorised direct debits from PayPal accounts, the German Savings Banks Association (DSGV) says. > The German newspaper Sueddeutsche Zeitung (SZ) says payments worth in the region of 10 billion euros (£8.6bn) have had to be blocked, after PayPal's fraud-checki…

Yes, I agree. At the time this was the only English link I found. The BBC is much better, and it's a European issue. I cannot edit the link or title.

Re: A failure of security systems at PayPal is causing concern for German banks

#23

Post by jklinger410 »

ronsor wrote: post #2

PayPal security is amazing. It randomly locks people out of their accounts and randomly closes their accounts too, but actual fraudsters and criminals are never deterred.

> but actual fraudsters and criminals are never deterred.

When my argument is kinda weak I love throwing in some hyperbole to spice it up.

Re: A failure of security systems at PayPal is causing concern for German banks

#24

Post by climb_stealth »

cultofmetatron wrote: post #12
ronsor wrote: post #2

PayPal security is amazing. It randomly locks people out of their accounts and randomly closes their accounts too, but actual fraudsters and criminals are never deterred.

> It randomly locks people out of their accounts and randomly closes their accounts too, yup, my paypal got locked after using it for over 20 years. Customer service refused to help and wouldn't even tell me why it was locked. I still get messages from paypal that they "couldn't get process subscription for X." won't delete my data either. Scummy behavior from them on multiple levels.

What, you don't remember random details from all this time ago? I got locked out of mine as well and the questions to restore were ridiculous. How the hell would I know what transactions I did 15 years ago? And other stupid things like that.

Gave up on it after a while and now try to avoid it as much as I can. Good riddance.

Re: A failure of security systems at PayPal is causing concern for German banks

#25

Post by tietjens »

tchalla wrote: post #15
mtmail wrote: post #3

German, well West European, banks are slow in creating a competitor to Paypal, called Wero. https://en.wikipedia.org/wiki/Wero_(payment) I'm not implying they block Paypal because of that. It's good to have more competition and I wished my bank would take part.

German banks (and in general businesses) are amazing. They won't do anything until legally required to do so and even then will drag their feet. There has been instant bank transfers (transfers in 10 seconds) available for a while - launched in November 2017. German banks kept charging 1.5€ for this instant transfer or some didn't have them available at all. They didn't build any of these systems and yet this was the…

Care to name those banks?

Re: A failure of security systems at PayPal is causing concern for German banks

#26

Post by Cthulhu_ »

arianvanp wrote: post #8
mtmail wrote: post #3

German, well West European, banks are slow in creating a competitor to Paypal, called Wero. https://en.wikipedia.org/wiki/Wero_(payment) I'm not implying they block Paypal because of that. It's good to have more competition and I wished my bank would take part.

Mostly German. The predecessor of Wero (iDeal) has been in use in The Netherlands for almost two decades. Nobody has credit cards here and everyone does online shopping with iDeal

To add, on top of iDeal (I think they're on top anyway, they're digital payment whatsits anyway) there's an age verification system using a similar protocol - where a website gets a "yes this person is >18" signal, nothing else, from the user's bank. And there's "tikkie" (payment request), allowing people to request money through a link and people's own bank account - no need for everyone to use the same apps or services like paypal or cashapp.

Re: A failure of security systems at PayPal is causing concern for German banks

#27

Post by mrweasel »

mtmail wrote: post #3

German, well West European, banks are slow in creating a competitor to Paypal, called Wero. https://en.wikipedia.org/wiki/Wero_(payment) I'm not implying they block Paypal because of that. It's good to have more competition and I wished my bank would take part.

They never really had much of a reason to create a competitor. There where already plenty of alternatives once online shopping/payments became a thing.

Here you could do "cash on delivery", credit/debit card, account transfers (yes even across banks, it not as big an issue as US banks makes it) or you could send stamps (not a popular options).

There was never a need for PayPal or PayPal style services. These days it's safe to assume that people have a debit card (or MobilePay in the case of Denmark).

Re: A failure of security systems at PayPal is causing concern for German banks

#28

Post by nancyminusone »

ronsor wrote: post #2

PayPal security is amazing. It randomly locks people out of their accounts and randomly closes their accounts too, but actual fraudsters and criminals are never deterred.

PayPal also appears to suffer data leaks more than anyone else. I use multiple email addresses for every service I sign up for. But of all all the spam email I get, 99% has my PayPal email on it, and I even have other email addresses posted publicly.

Re: A failure of security systems at PayPal is causing concern for German banks

#29

Post by thinkingtoilet »

jklinger410 wrote: post #23
ronsor wrote: post #2

PayPal security is amazing. It randomly locks people out of their accounts and randomly closes their accounts too, but actual fraudsters and criminals are never deterred.

> but actual fraudsters and criminals are never deterred. When my argument is kinda weak I love throwing in some hyperbole to spice it up.

The article is about $10 billion dollars in fraudulent transactions that PayPal has allowed that the banks had to catch themselves. Given that, it's hard to say the OP is speaking in hyperbole.

Re: A failure of security systems at PayPal is causing concern for German banks

#30

Post by nancyminusone »

jklinger410 wrote: post #23
ronsor wrote: post #2

PayPal security is amazing. It randomly locks people out of their accounts and randomly closes their accounts too, but actual fraudsters and criminals are never deterred.

> but actual fraudsters and criminals are never deterred. When my argument is kinda weak I love throwing in some hyperbole to spice it up.

How do you know they aren't one of the actual fraudsters or criminals?
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