Ever received an email from Paypal or any other banking institution that asks for password verifications? Paypal scams are one of the most common online scams that cost people thousands of dollars. Paypal is an online card payments system that lets you pay bills and send money to your bank.
It has become one of the most commonly used merchant account payment gateway systems for small and large businesses. However, it is an easy way for identity theft victims to lose money from linked online bank accounts.
Avoiding Money Scams and Password Protection
Passwords set for your Paypal account are an important part of the process to secure Paypal from scammers and identity thieves. Never use well-known values for your password. For instance, using your pet’s name as your Paypal password makes it easy for someone to simply guess the password used to login.
The best password protection for your Paypal account is using numbers, letters and special characters. Never use a simple dictionary word. This type of password can be what is called “brute force” guessed. A brute force password attack is one in which the attacker uses all possible words in the dictionary to guess the user’s password.
Paypal Scams and Phishing Emails
The biggest and most popular way for an identity thief to access an online credit card payment website is through a phishing email. A phishing email is one that has the official online bank account logo and signature in the text, but the link sends the user to a phishing website when it is clicked.
Online banking security includes never clicking a link in an email that claims to be your official online banking account correspondence. Always check with the online banking account institution or check with the official FDIC website for any identity fraud incidences.
Online Card Payments: Use a Separate Bank Account for Paypal
Paypal sets up a bank account or credit card account in case your online bank account balance is not enough for your next purchase. Paypal withdraws the money from the bank account or credit card to cover the purchase. This is how scammers withdraw money from your accounts and commit credit card fraud using Paypal. If you decide to use Paypal for several transactions, set up a separate bank account strictly for Paypal. This limits the amount of money a Paypal scams person can withdraw from your accounts.
These Paypal protection methods avoid the amount of monetary loss when an identity thief is able to access your account. If you have a credit card linked as the default Internet credit card processing unit for your purchases, you lose no immediate money and can file a dispute without loss of spendable cash. Never click a link in a Paypal scam email. Always type the Paypal address in your web browser and check with the company before entering your password for emails claiming that you need to verify your account.