Are You A Paypel Buyer Or Are You Selling Via Paypal? Do You Have Questions Like.. Is Paypal Safe And Secure? In Your Mind. Read Tips For Buying, Selling And Safety Tips.
PayPal is one of the most widely-used platforms for making online payments and money transfers anywhere in the world. It has also been in the business longer than most of its counterparts.
Perhaps this is the reason why most people assume that it is the most reliable option.
And because it makes sense to avoid fraudulent and questionable policies especially when it comes to paying for services online, you must adhere to certain safety measures to protect you from insecure platforms.
But is PayPal safe? And how does it measure up against security threats? Can it offer similar security safeguards as a credit card? Is PayPal a secure method of online payment?
Keep reading this post to get answers to these questions along with useful PayPal safety tips you can apply.
Is PayPal Safe & Secure?
Yes, PayPal is a generally safe means of sending money online, but there's always some level of risk involved.
Whether you're paying for products online or transferring funds to someone else, there are a few vulnerabilities in its industry-standard security features that must be weeded out before it's too late.
Moreover, PayPal uses encrypted servers to store its user data, which makes your account more susceptible to phishing & fraud instead of hacks & data breaches.
Phishing can be described as the process of using malicious and/or fraudulent software to obtain the username & password details of unsuspecting customers in order to hack their accounts.
And even though PayPal can mostly be regarded as safe, it shouldn't be treated as an alternative bank account - especially because your funds are not insured by any regulatory body which means that you will lose all the cash in your account if PayPal happens to cease trading.
If you have concerns at any point, you can choose to maintain a low PayPal account balance by regularly transferring funds to your primary bank account.
Fortunately, there are a few other proven PayPal safety tips you can apply to maximize your account's security.
Here's how:
5 Effective PayPal Safety Tips for Online Shopping
1. Avoid Linking Your PayPal Account To Your Debit Card Or With Your Regular Bank Account
Linking your PayPal account to a debit card or a normal bank account is probably the easiest way to transfer money for online payments. But for safety reasons, it must be avoided.
This is done as a precaution to prevent someone who has fraudulently gained access to your PayPal account from also cleaning out your primary bank account.
So, what is the best way to protect yourself? You can start by being more careful about who you sell to and how you sell. Note that expensive item purchases are usually the most tempting targets for hackers and thieves.
2. You Can Link a Credit Card to Your PayPal Account
Linking a credit card to your PayPal account is also a great way to deposit funds online. Moreover, it offers up added security solutions.
By funding PayPal transactions with your credit card, you will gain added protection measures since you can always dispute any charges made to your account through the credit card company.
And because credit card transactions are protected by federal law, any dispute involving your credit card company will require PayPal to provide evidence that a legitimate transaction was carried out.
PayPal also covers consumers whenever an item they have paid for isn't received, or if it differs significantly from what was described by the seller.
Moreover, the credit card companies usually give you up to sixty days after making your purchase to dispute any item charges that weren't delivered or accepted, but with PayPal, you have one hundred and eighty days.
Linking a credit card to your PayPal also makes it impossible for hackers to use the auto-withdrawal PayPal feature to siphon funds away from your account.
So, is PayPal safe for your credit card transactions? The answer is a definite Yes!
3. Avoid Clicking On Email Links From PayPal
The reason for this is because they might not actually be from PayPal. Obtaining passwords via spam emails that link to dummy sites but were made to look like they came from PayPal is also a common theft technique.
Some of them even come complete with an official-looking PayPal logo to make unsuspecting users enter their login details
You must always log in yourself via your PayPal account and look out for any recent updates or communications.
4. Carefully Observe Your PayPal Balance
Thieves tend to start siphoning funds from a hacked account by first making a series of small withdrawals - sometimes as little as 5 to 10 USD - with the hope that the account owner won't notice.
If you do notice any unusual deductions in your account, observe it for a couple of days, and then notify PayPal via call or message if it keeps on happening.
5. Consider Verifying Your PayPal Account While Buying From Verified Merchants Only
Just about anyone can open an account on PayPal using their email address. However, PayPal only verifies those merchants and users who have provided additional and verifiable information on their profile.
While this doesn't guarantee that an account user is legit, the verification process tends to add legitimate evidence.
You can mostly get PayPal verification after you have successfully linked your PayPal account to a normal bank account (which you must confirm ownership), provided your Social Security Number (for US citizens), or verified your debit or credit card information.
And even though we have already advised you to avoid linking your PayPal to a regular bank account, supplying your SSN details might turn out to be a worse security mistake.
Because Social Security numbers are ultra-sensitive, a fraudster can also use them to steal your identity and commit fraud against you.
If you must link your normal bank account to verify your PayPal profile, you must also be extra vigilant by monitoring your account frequently for any suspicious activity.
Is Paypal Safe For Sellers: Safety Tips
Is PayPal safe for sellers? Let's take a closer look.
PayPal would naturally want to ensure that everyone involved benefits mutually from each transaction. However, what favors the buyers doesn't always favor the sellers.
So if you're a business owner, you must get paid for providing products & services. So, is PayPal safe for processing customer transactions?
Here are some ways to ensure your protection:
1. Provide the Customer With Clear Transaction Details
Because PayPal provides cover for buyers whenever an item differs significantly from what was initially described by the seller or when the product isn't delivered, an unsatisfied customer can easily get PayPal to withdraw a refund from the account of the merchant
To prevent this from happening, sellers must provide clear and detailed product or service descriptions along with several close-up photos.
We also recommend sending follow-up notes after each transaction to ensure that the product has been delivered safely.
2. Only Ship Products To Confirmed Addresses - Along With Tracking
Is PayPal safe for transactions involving purchasing addresses? Let's find out:
Purchasing addresses are confirmed on PayPal either by reviewing their account history or by verifying that their credit card gets billed to the exact same address.
Shipping products to an address that has already been confirmed by PayPal will reduce your risk of selling items to people using stolen credit cards.
Try as much as possible to ship items to only those addresses entered on the details page of your transactions.
3. Avoid Using Shipping Labels That Were Sent To You via Email
Sending spoof labels via email is a gimmick that is frequently used by fraudsters.
You can avoid falling victim to such tricks by always ensuring that you use any of the popular and more reliable postal services while making sure of your online tracking number which can serve as valid proof of delivery.
4. Avoid Transactions That Have Red Flags
Certain kinds of PayPal buyer requests can increase the likelihood that you're about to get involved with a fraudulent user.
You must take care not to rush making shipments whenever you receive requests. You must also avoid receiving partial payments from different PayPal accounts.
You must also be extra careful when selling expensive items since they are frequently targeted by fraudsters.
5. Store All Your Sales & Shipment Records
Because the PayPal policy allows buyers to dispute transactions within 180 days, it makes sense for you to keep all your transaction records until they are flagged as complete.
In Conclusion
That's it for our discussion on PayPal's safety.
So, is PayPal safe to use for all your online transactions? The direct answer is yes, but you'll have to follow certain guidelines if you wish to avoid unauthorized or fraudulent payments.
