Interestingly, two decades ago, Paypal gained considerable infamy for being among the ten worst business ideas of that time. Paypal has successfully silenced its critics. Apart from having a user base of 361 million active users, it remains one of the few payment application companies that has been consistently profitable over the years. You can visit https://financepolice.com/ for more finance-related posts. We are now moving to our topic. With the recent ringing of alarm bells triggered by India’s supposed plans to crack down on cryptocurrency, Paypal is bound to re-emerge as the prime competitor to banking services since international payments are concerned.
Table of Contents
- 1. Build Access Controls
- 2. Switch to Credit Cards
- 3. Enable Notifications
- 4. Mindfulness
- 5. Usage of Appropriate Devices
Paypal has a robust buyer protection mechanism; wherein, if a buyer has not been delivered a product that was purchased through Paypal, they can open a dispute, following which a Paypal representative will arbitrate and investigate the matter, and if deemed to be the just ramification, would initiate a refund to the buyer.
Similar mechanisms have been instituted for seller protection as well. If a product is purchased on Cash on Delivery mode and the buyer dishonestly accuses the seller of not having delivered the product, it would initiate an investigation to ensure the seller receives the total amount of the transaction. However, just as is the case with any other online service, users must follow a policy of ‘Safety First.’
Here are five tips that users should keep in mind for a secure payment experience.
To prevent hacking, fortification of access options is imperative. Complicated passwords, with a diversified set of characters, ranging from numbers to pronunciation marks and even mathematical signs like “%” and “#,” can prevent your password from being compromised. A password length of at least eight characters is recommended.
Many operating systems allow the device owner to enable fingerprint access or face-detection for specific applications. Moreover, Paypal has even provided its users with the option of allowing a 2-step verification process. Such a system double-verifies (as the name suggests) the user’s identity by sending a six-digit unique code as an SMS to the user’s mobile number. Conveniently, this process can be deactivated as and when the user desires.
According to Jason Glassberg, co-founder of Casaba Security and alumni of the Dartmouth College, credit cards issued by big banks will provide you with more security and redressal facilities options. Instead of linking your Paypal account with a bank account or debit card, linking it with a credit card will encourage the issuer bank to act in the interest of your security and safety.
While most users, flustered by the constant flow of notifications, disable them for several applications, it would not be advisable to follow the same procedure for financial applications. Notifications are the only form of instant communication the application can engage with you in. Disabling notifications not only restricts your ability to monitor any unscrupulous activity but also impairs the application’s alarm mechanisms. Suspicious activity in the form of an attempt to access your account needs to be taken into immediate cognizance to ensure utmost protection. To be aware of such activities, notifications become essential.
While operating a payment application, double-checking or triple-checking should be employed by the user at every step. Looking at every transaction, customer and seller askance will maintain a slight probability of a scammed user. A common principle that you should keep in mind is that if an offer or entity seems too good to be true, it probably is. You must evaluate the authenticity of every request and client meticulously. Paypal has even warned its sellers of an overpayment scam that seems to occur at a frequency high enough for the company to mention it with such specificity.
You should avoid operating payment applications on public devices at all costs. Some experts recommend purchasing a separate device exclusively for payments and engaging only at home. Anti-virus software, preferably a paid one, will ensure additional protection.
Apart from observing the precautions and tips mentioned above, users should also remain engaged in Paypal forums to be informed of the experiences of other users to stay cautious of any possible emergencies that could arise.