(ConservativeInsider.org) – PayPal boasts about its security to customers, emphasizing it is a “priority” the site takes seriously “around the clock.” Despite this promise, the money-exchanging site is drenched in fraud, allowing scammers to steal funds from unsuspecting customers quite often. To many, it also seems as if the payment site is doing little to even push back against this illegal activity.
There are plenty of ways to pay online these days, from using a credit card or Apple Pay to logging into your PayPal account to exchange funds. This last option is typically safe and protected when used correctly by using the platform’s “goods and services” payment plan. However, if a seller coaxes their customer into using the “friends and family” exchange option, the money, once sent, is gone for good.
Hey guys just to let you all know there is a new scam where people will sell you a product through PayPal and ask you to put it through as “friends and family” so it don’t take as long and they scam you and I discovered that your protected by 3rd party! Share and let others no!
— Lee Edward Walker (@LeeEdwardWalke1) August 6, 2022
The strange part about this scam is PayPal does little to warn users when they go to send money via the app’s friends and family feature that it offers no protection to the money senders.
According to Statista, experts believe online payment fraud in the e-commerce market, which includes fake eBay and Etsy purchases, totaled around $41 billion in 2022 and will likely approach $48 billion in 2023. According to Threat Research, around 10% of cybercriminals choose to launder their money at least partially through PayPal.
PayPal scams often come in the form of phishing emails with fake invoices or password reset requests, accidental overpayments, or fraudulent text messages asking users for personal information. The best way to avoid these is to stay vigilant and to always use PayPal’s goods and services payment process when you do not know the seller. If you are a victim of fraud and use this option, PayPal will resolve the issue within 180 days if you bring it to their attention.
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