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A failure of security systems at PayPal is causing concern for German banks
121–130 of 222 posts
Re: A failure of security systems at PayPal is causing concern for German banks
#122Earlier 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.
This is an important concept. More you push to zero fraud, the more inconvenience you put on your customer. You can cut bunch of fraud if you only allow shipments to the billing address but then you inconvenience people who want to buy gifts, recently moved or have a vacation home. You can block all traffic from cloud providers but you'll end up blocking outbound proxies for people on military bases or corporate proxies.
Re: A failure of security systems at PayPal is causing concern for German banks
#123Is 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.
Crazy Venmo and Cashapp are all anyone in the USA uses for passing money to each other.
Re: A failure of security systems at PayPal is causing concern for German banks
#124Earlier 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.
Which is the same as many if not most of the other sites we regularly link to on HN. You just aren't told about it.
Re: A failure of security systems at PayPal is causing concern for German banks
#125Earlier quoted context omitted.
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.
Very slow. And not something consumers use to pay each other.
If I need to pay a friend, it’s Venmo or PayPal in the US. In theory Zelle too, but I don’t know anybody who uses it.
Re: A failure of security systems at PayPal is causing concern for German banks
#126Earlier 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. Not at all, not even close! In most cases, that's wrong even today. Want to sell something online? A book you wrote, a game you made? There's no way for people to pay you via giro and automatically receiving the good on the page where the payment process was initiated. Giro is not…
> Giro is not instant, and almost no bank will offer an API that signals that a specific customer has transferred funds successfully. And because of that we have leeches like Sofortüberweisung. They basically proxy the web interface of your bank and you'll give them full access to your account, so they do the transaction for you by scraping your banks web interface (and your transaction history) and report success to…
> Sofortüberweisung
A reminder that Sofort is made by Klarna, the company that mandated usage of AI and fired 700 employees because of AI.
Re: A failure of security systems at PayPal is causing concern for German banks
#127Last week my PayPal account was "permanently disabled" this also happened to two of my friends at the same time. Is anyone else going through this right now? When I looked it up on Reddit it seemed like a widespread error that started last week. Could it be related to this? Are there any steps I should be taking to try to get my account back? Any help here would be really appreciated.
I filed a dispute with Paypal that a merchant ran off with my money… Paypal nuked my account. No idea if the support agent hit the wrong button but I’m done with Paypal, no explanation or recourse. Filed dispute with bank on the Paypal charge and immediately got my money back.
Re: A failure of security systems at PayPal is causing concern for German banks
#128Re: A failure of security systems at PayPal is causing concern for German banks
#129Re: A failure of security systems at PayPal is causing concern for German banks
#130Arbitraging fraud has always been PayPal's game. For the mass market of small-scale sellers there's a threshold, whre the cost of onboarding, verifying, underwriting and eating fraud exposure is greater than the revenues you could ever expect to make from them at their low volume. So these segments went un-served, same with many other segments of transactions or transactors. PayPal's model has always been to accept a…
Maybe it's different by country, but I feel like fraud isn't a huge issue for the end user anymore. A couple times I've had random transactions on my account seemingly from database leaks / stolen card details, and every time the bank has either sent me a notification asking me to approve the suspicious transaction, or has refunded me the amount later.
As long as you don't initiate the transaction, you get your money back easily.