Despite the increasing number of people that use Paypal, users still have a right to wonder how secure the platform is when it comes to sending and receiving money. You don’t have to be Albert Einstein to know that there will be a major disaster if PayPal were to be hacked. In this article, I’ll be talking about how secure PayPal is and if you should be worried about your funds.
PayPal on their official website claimed that they keep all users’ information safe and this is evident by the fact that the recipient of a transaction won’t receive sensitive financial information like your credit card or bank account number. And this has been keeping user’s information safe for years.
It’s not uncommon to hear of an online payment platform being hacked and users losing their hard-earned money. So it makes sense for PayPal users to want to know about the security measures that PayPal has in place to keep users and their funds safe. Continue reading to learn more about PayPal.
Has PayPal ever been hacked?
This is the burning question, isn’t it? PayPal has never been hacked. However, PayPal accounts (i.e users’ accounts) have been hacked in the past. And this is usually due to the fault of the users or they fall for the tricks of a scammer. Online fraudsters employ several methods to get the email addresses and login credentials of PayPal users. They do this by spoof emails, social engineering, and so on. This is why PayPal advises that you check the URL you are visiting when attempting to log into your account to be sure it’s the official PayPal account. Also, you should safeguard your login credentials and not reveal them to anybody.
One of the early hacks on PayPal was during the early internet days when the platform gave users $5 for opening and using a PayPal account. Hackers saw an opportunity in this and created an automatic system to sign up and get $5. Of course, PayPal detected this fraud and used what’s now called “captcha” image which was created by Dave Gausebeck and Max Levchin.
So if we are talking about PayPal being hacked as in someone gaining access to their databases to recover user information, then the answer is NO. A lot of malicious hackers have tried to hacked PayPal several times and they’ve all failed. And I hope it continues to be like that.
How secure is PayPal?
PayPal takes security very seriously which should be so if they want to remain in business. When you send a payment using PayPal, the recipient won’t be able to see sensitive financial information like your credit card or bank account number. This way, you don’t have to worry about paying people you don’t know. There is also another feature called PayPal Purchase Protection which protects you when you make a purchase on any website with PayPal. So should your merchandise not arrive as described or doesn’t arrive at all. Paypal will help you get a full refund.
PayPal is also safe for sellers as the site is both secure and encrypted. You should know that the key data protection issue for buyers on PayPal may be external to the platform – they’ll need to have a secure digital connection to PayPal. This way, PayPal will be able to ensure that their data is kept safe and protected from prying eyes. I also like that PayPal uses data servers that constantly scan your browser. The aim of this is to ensure that your browser is using the most recent, up-to-date data encryption technology. PayPal will monitor and notify you if your data is stored on a computer server that isn’t connected to the internet.
Another way you can be sure that PayPal takes its security seriously is due to the fact that PayPal offers financial rewards to computer security experts who discover any flaws, breaches, and vulnerabilities in their digital data defense system.
Can someone hack your PayPal account with your email address?
The answer to the above question is NO. Someone cannot hack into your PayPal account with just your email address. Your information is safe with PayPal and it’ll take more than your email address for someone to access your account unless you’ve provided your password, security questions, and financial information. A hacker can’t get this sensitive information from PayPal so they’ll try to get it from you.
You’ll be happy to know that PayPal monitors all access (logins) and attempted access to your account. So if the system detects anything unusual about the way your account is trying to be accessed, you’ll be notified. This way, you know your account credentials are compromised and can start to take steps to secure your account. That’s not all. PayPal even uses state of the art technologies to detect and prevent fraud. Also, there are dedicated teams whose job is to review activities concerning PayPal accounts. PayPal itself has never been hacked and should someone somehow manage to gain access to your account, I’m happy to tell you that the platform offers 100% protection against unauthorized transactions.
If you don’t want to take any chance with your PayPal’s email address if you think people already know it, you can always switch out the email address you use for PayPal. All you need to do is add a new email address, confirm it, and then make it your primary. When you are done, remove your old email address. Fraudsters won’t be able to access your account after this even if they know your password since it’s not going to match with your email.