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

nordbayern.de

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

#111

Post by fweimer »

alistairSH wrote: post #31
fweimer wrote: post #11

Earlier quoted context omitted.

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…

The U.S. really is an outlier among developed nations in that its giro system is not widely used I wasn't even aware such a thing existed? Or do you mean Zelle, which seems to be some sort of hybrid system... It's not quite a giro system as found in most of EU, more like "PayPal, but built by BofA and CapOne"

I don't do much banking in the U.S. system, but I'm assuming that ACH transfers get you pretty close to a giro system. Apparently, they are quite slow by SEPA's standards.

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

#112

Post by mr_mitm »

tick_tock_tick wrote: post #95

Is PayPal common in Europe? I don't know anyone who still uses it in the USA.

Yes. Im European. Everytime I'm out in a group and someone pays for everyone, they always ask for money via paypal, and I'm always the only one who doesn't have an account.

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

#113

Post by arn3n »

skybrian wrote: post #91
dev_l1x_be wrote: post #79

Earlier quoted context omitted.

Ebay and Paypal are full of scam. Simply it is thei best interest to keep this up because it generates revenue for them.

That's a simplistic way of understanding "best interest." The optimal amount of fraud is neither zero nor "let it all through." Their "best interest" is a balance between allowing legit transactions to get through and blocking enough fraudulent ones that fraud doesn't become too common.

I believe you’re referencing Patrick McKenzie’s takes on fraud, which I agree with — but when he (and others) talk about the optimal amount of fraud they’re usually referring to fraud from “losing money from the company to customers”. This is not PayPal’s case; because PayPal isn’t the victim of fraud on its platform but makes money off its use, their optimal amount of fraud is “as much as they can permit without losing customers or regulators getting up their ass”.

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

#114

Post by seb1204 »

hirako2000 wrote: post #6

What's so specific to German banks ?

Germany seems to actively resist to modernize on all electronic fronts. Banks still charge you for transactions and they take 24hrs plus while in other countries they are free for private accounts and within seconds. This lack on the market has made unregulated services such as PayPal big.

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

#115

Post by seb1204 »

chatmasta wrote: post #108

This article is useless. It seems like an English translation of some German blogspam (and the ads are even making it through my filter). It says nothing other than PayPal is having some security failures and banks are blocking deposits from PayPal. What are these security failures? What is the mechanism of fraudulent activity that is being exploited? I’m surprised this was upvoted so much… am I missing something? It…

https://www.bbc.com/news/articles/cj6y42jggdyo

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

#117

Post by SLWW »

chatmasta wrote: post #110
raphman wrote: post #87

Earlier quoted context omitted.

Better link: https://www.heise.de/en/news/Paypal-German-banks-apparently-...

Maybe it’s a better link, but I can only read the content if I accept their sharing my data with 180 partners.

https://archive.is/6h2TN

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

#118

Post by socksy »

bgnn wrote: post #62
nicce wrote: post #58

Earlier quoted context omitted.

> There where already plenty of alternatives once online shopping/payments became a thing. Let’s say direct bank transfers are not counted. What alternatives are not based on Visa/Mastercard on global scale?

Global scale is different indeed. EU scale there are tons of solutions: iDeal (expanding to EU from NL), Klarna, sofort..

You're probably referring to historically, but if not, it's worth noting that Klarna bought Sofortüberweisung

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

#119

Post by pixl97 »

arn3n wrote: post #113
skybrian wrote: post #91

Earlier quoted context omitted.

That's a simplistic way of understanding "best interest." The optimal amount of fraud is neither zero nor "let it all through." Their "best interest" is a balance between allowing legit transactions to get through and blocking enough fraudulent ones that fraud doesn't become too common.

I believe you’re referencing Patrick McKenzie’s takes on fraud, which I agree with — but when he (and others) talk about the optimal amount of fraud they’re usually referring to fraud from “losing money from the company to customers”. This is not PayPal’s case; because PayPal isn’t the victim of fraud on its platform but makes money off its use, their optimal amount of fraud is “as much as they can permit without los…

>usually referring to fraud from “losing money from the company to customers”.

Conversely this can affect customers by the vendor or payment platform blocking transactions that are not fraud.

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

#120

Post by cubefox »

tpm wrote: post #99
cubefox wrote: post #33

Earlier quoted context omitted.

Wero seems to be a more European solution, while previous attempts like GiroPay were national.

Looking at the Wero page, it's not very European if 4 countries are listed. I have never heard of it here in Slovakia, and none of our banks are listed, although some belong to the groups that are there. This will be a long process if it really wants to be European.

Maybe in Slovakia there is already an established payment system which uses instant bank transfers, so there is no need for Wero. Or maybe some countries are fine with PayPal (or similar) fees.
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