PayPal is a reputed company and has the most efficient technology to secure the transactions and its platform. But, with one of the biggest names in the Payment processing industry, PayPal has some risks too as it is often the potential target of the hackers. Customers are worried about their money while doing a transaction on this platform and that’s why they have a question that how safe is PayPal?
It is obvious to have this question in your mind as this platform is safe and secured you just need to take some protective measures from your end.
Today, we will make you know about how safe is PayPal and what protective measures you have to take as a buyer and seller so all your confusion and worries will get cleared up.
The website is completely secured and encrypted so the hackers have a very hard chance to get through it.
Your banking details and personal information is protected by the company so there do not much need to worry. Also, there are hefty rewards offered to the white hackers who find bugs and vulnerabilities in the system so even if there are any loopholes in the system, they are fixed quickly with the strong development team they have.
One of the biggest benefits that PayPal offers to the buyer is the PayPal purchase protection. Also, there are various programs to protect companies and individuals from selling their products and services.
Let us now have a look at some general tips that you need to follow to ensure safety while you do online transactions:
Avoid Using Public Wifi
There are situations occurring where we are out of the house and we need to do an immediate financial transaction but we have run out of the internet pack. In this case, we will look for a public WIFI for transactions at the coffee shops, restaurants, railway stations, bus stops, libraries, or any other place. You can also check these Money management tips to brighten your future.
The use of public Wifi should be avoided totally as there are high chances of information theft on using it. Hackers are always ready to capture our personal information when we use such open WIFI. Always use an internet pack in such cases and only use the public WIFI when there is an emergency.
Don’t Open Unknown Links in an Email
We all know that phishing happens and the hackers send phishing emails to us. Unknown emails luring us must be avoided as they contain suspicious links which when opened can capture personal and bank account information.
If you find any unwanted email links in the name of PayPal then check the email id first and try to verify if it is a genuine one. If you think it is a scam or something then report it to PayPal so that they can look into the case; this will help other users as well.
Keep Your Security Software Updated
Always keep your security software updated. If you are doing some online transactions via some third-party applications then update those applications to the latest versions as well.
Use a Trusted ISP
Always use a trusted ISP that has a secured connection so that your information doesn’t go into the wrong hands.
Here are some tips that you should follow while you are using PayPal as a buyer.
Don’t Link Your PayPal Account to Your Debit Card
Don’t link your debit card to your PayPal account. If someone gets fraudulent access to your PayPal account then he will get access to your bank account and he won’t wait to clear your hard-earned money.
Link Your Account to Your Credit Card
Linking your account to your credit card is really beneficial so if you do a transaction that is not real or your money goes to someone fake then PayPal and your credit card bank both will cover you and they have to return your money back.
Watch Your Balance and Report to PayPal Immediately in Case of Any Problems
You should keep a close watch on your PayPal transactions and if you notice any transaction that is not initiated by you then you need to report this to PayPal immediately. No matter if the amount is small or big, you need to contact PayPal authorities immediately so that they can quickly take action.
They will close your account and refund the amount that you have lost. They will find out the person who initiated the transaction from your account and take necessary actions.
PayPal also covers you if you have placed a transaction for some product that you haven’t received or received some other product from the merchant. This is the PayPal purchase protection that we earlier told you.
Always Buy From Verified Merchants
Now, there are two types of merchants: the ones that have their accounts verified and the others who haven’t verified their accounts.
Merchants can open a PayPal account with simple steps but PayPal needs to verify them. For this, merchants have to provide some additional details such as their SSN number, linking their PayPal account to their bank account, and verifying their debit card or credit card details.
These steps are necessary to prove that the merchant is a legal one and has been verified by PayPal. Customers trust the verified merchants more so if you are also a merchant then get yourself the verified tag so that customers can trust you and buy your products/services.
If you are a seller on PayPal then you should follow the below tips to protect yourself from disputes with buyers.
Provide Detailed and Correct Product Information
PayPal covers the consumers that they haven’t received the ordered product or if they have received a different product from the one that they ordered.
In both the above cases, the money will be refunded by PayPal but it will be deducted from the seller’s account, and make sure you deliver the products timely and that too the correct ones.
For this, you have to upload correct and detailed information about the products that you sell so that customers don’t misinterpret them. Photos should be clear, take proper close-up photos of your products. This will make you stay away from any complaints from your customer and unnecessary deduction of money by PayPal.
Use a Good Postal Service
Use FedEx, UPS, USPS, etc. for the delivery of your products so that they are delivered to the right person. Shipping labels and tracking numbers can be used. Customers love to have the tracking facility so that they can monitor the route of the product.
Look Out for Red-flag Transactions
If you find any suspicious order then you can cross-verify it. If there is an order of high value then check it properly. Also, look for orders having partial payments from multiple accounts. These are some ways to stop delivering your products to any fraudulent buyer.
Also Read: How to Use PayPal on Amazon: Know it Today
Always Ship to Verified Addresses
PayPal verifies the addresses of the buyers from their card details or from their previous transaction history on the platform. As a seller, you should look if the address of the buyer is verified or not. To avoid any disputes contact the customer personally for verification.
Get a Signature From the Buyers for Expensive Items
For the expensive items, it is good to get a signature from the buyers that they have received the products. In this way, you will have proof…
Contact Your Customers for Feedback
This is a good practice and it will get the true feedback of your products and services which will help you improve. With this kind of polite service, your customers will return to your store.
Following these protective measures will keep you safe and away from any PayPal scam so follow them and keep doing transactions on this amazing platform without any worries. For more information, visit Financeshed.