paypal hacking v-1But then PayPal asked Krebs to provide a photocopy of a driver’s license to regain access to his account – but during the second attack, hackers removed Krebs’s details from the account so that he couldn’t regain control of it.In his article Krebs explains that PayPal seems to lack the necessary security measures that would make it harder for hackers to steal account credentials, suggesting that further updates would be needed so that attackers would not be able to social engineer their way into an account with the help of information that may be found or sold online.
“I asked the PayPal supervisor why the company couldn’t simply verify my identity by sending a text message to my phone, or a special signal to a PayPal mobile app?” Krebs wrote. “After all, PayPal has had the same mobile number of mine on file for years (the attacker also deleted that number from my profile as well). The supervisor explained that the company didn’t have any mobile authentication technologies and that in order to regain access to the funds in my account I had to send the company a photocopied or scanned copy of my driver’s license.”
Driver’s licenses and any other similar documents can be easily forged Krebs argues, making it a futile protection layer.
“Longer term, PayPal should review which of its users have already provided mobile phone information, and then seek to validate those contact numbers,” Krebs argued. “Once that process is done, PayPal can start upgrading its authentication systems — and hopefully become less reliant on static (read: already-compromised) identifiers to validate customers. This would help cut down on account takeovers and reduce the threat of costly, fraudulent credit card donations via hacked accounts.”
“Until then, PayPal will continue to expose its users unnecessarily to security and privacy threats (bear in mind that a crook who gains access to your PayPal account can see all of your transactions and financial data from associated bank accounts),” he concluded.
To read Krebs’s full account of his terrible PayPal experience, follow the source link.Early history[edit]
PayPal was established in December 1998 as Confinity,[13] a company that developed security software for handheld devices[14] founded by Max Levchin, Peter Thiel, Luke Nosek and Ken Howery.[13][15] PayPal was developed and launched as a money transfer service at Confinity in 1999, funded by John Malloy from BlueRun Ventures.[16][17]
In March 2000, Confinity merged with X.com, an online banking company founded by Elon Musk.[18] Musk was optimistic about the future success of the money transfer business Confinity was developing.[19] Musk and then-president and CEO of X.com, Bill Harris, disagreed on this point and Harris left the company in May 2000.[19] In October of that year, Musk made the decision that X.com would terminate its other Internet banking operations and focus on the PayPal money service.[20] The X.com company was then renamed PayPal in 2001,[21] and expanded rapidly throughout the year until company executives decided to take PayPal public in 2002.[15][22] Paypal"s IPO listed under the ticker PYPL at $13 per share and ended up generating over $61 millionIndian Paypal user could store and use money in their PayPal account to send payment or buy any goods online. But in 2010, RBI imposed new set of rules on PayPal, and now you can only withdraw money from your PayPal account to Bank account. ( You can’t use PayPal money directly for online purchases or Payment). This is indeed a problem as you will end up paying conversion fees twice, but at this moment there is no solution to this. If you have any relative outside India, you can ask them to create a PayPal account for you, which you can use without any such limit or restriction.
An Indian PayPal user can’t send or receive money from other Indian PayPal user.
Benefits of using a PayPal account:
You will be able to make online payment without exposing your credit card details.
You can use Debit card to make payment. This helps many who don’t have a credit card.
You can receive Payment from overseas account. (Such as client, advertising payment).
Many online services charge recurring payment. When you pay with Paypal, you can anytime cancel the recurring payment. Here is a tutorial for the same.
You can send mass payment using Paypal. [Read Tutorial]
You can create and send invoice directly to your client.
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