I think it’s safe to say that everyone has heard about PayPal, it’s a favorite for people that want to send and receive money online. It has been around since 2002 and in that period it has built a very robust list of satisfied users. With these types of services, it doesn’t matter how long you have been in the game, what matters is security. So, should you use PayPal? For the most part, PayPal is safe to use and link your accounts to. The level of risk really depends on what you’re going to use it for.
For buyers, PayPal is an easy and secure way to make online purchases. Sellers can also take advantage of PayPal, although there are risks to be aware of. These risks are not unique to PayPal, but some are unaware of the potential problems. The transfers are done safely, but the question is whether or not you know who you are sending the money to. PayPal is safe but nothing is risk-free, glitches, and data breaches are possible anywhere. Lucky for us, PayPal is a reputable company with enough security and customer protection to keep you safe online.
PayPal’s website is secure and encrypted. As long as you have a secure connection to PayPal’s legitimate site, any information you have there is hidden from prying eyes. PayPal uses the same industry-standard security features you would expect from any large financial institution, furthermore, PayPal even offers bounties (financial rewards for hackers) to “white hat” hackers who discover vulnerabilities. I’m sure it could be hacked but it would be extremely tough.
Disputes and Fraud
What happens if your account gets hacked and/or someone spends money in your PayPal account without your permission? What happens if the item you bought never arrives?
This is where the buyer protection comes in.
PayPal has a Buyer Protection program that might reimburse you. In order to take advantage, you need to be fast, the transaction has to be reported quickly. Unfortunately, the Buyer Protection does not cover all transactions, be sure to review PayPal’s policies. In a way, this protection is similar to the benefits you get by using a credit card, you can reverse the charges if the seller fails to deliver what was promised.
In reality, using PayPal might actually be safer than giving your credit card number or bank account information directly to the website you are using. All your information is kept in one place instead of spreading it across all the websites you use. They only get the email you have associated with your PayPal account. Should anything bad happen, you won’t need to cancel your credit cards, you just have to change your password or card number in your PayPal account.