Is Paypal as secure as you are led to believe?

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Paypal is an internet service which allows transfer of money between email users, avoiding traditional methods of money transfer, such as completing and sending cheques or postal orders. Also Paypal offers services for processing payments - for sellers & buyers of e-commerce sites, auction sites such as eBay and other organizations in exchange for a small fee....... 4% as a rule. 

In terms of figures Paypal represents:- 96 million internet users - 92% of those shopping here on eBay.

  • 90% of sales on eBay are paid for by Paypal.
  • In 2004 the total value of transactions through the Paypal system was £18.9 billion, increasing by an average 55% each year.
  • In 2005 the total payments made by Paypal was £27.5 billion, according to eBay.
  • Today in 2010 Paypal accounts for over £73.1 billion pounds worth of transcations on the internet.

How does Paypal work.

The service acts as a broker for transactions, allowing the deployment of money from one user to another without any of them could have access to details of the users bank card or other personal details. The principal is quite simple: Paypal is a mediator of money clients.

Requirements for a Paypal account

No necessary technology or special licenses, the following is sufficient - an email address that is valid and a bank account or a valid credit card.

What can be used with paypal?

You can purchase products from e-commerce sites such as eBay or Pease of Garforth Diy. You can participate in online auctions on various sites. You can send money to friends and family giving you the option to refer money for personal use or online payments.

Is paypal secure?

Is Paypal as secure as we are led to believe? Well in my view yes it is. No system is 100% guaranteed so Paypal created various methods, checks and balances to minimize the risk of fraud in the system.The most common method of fraud with Paypal is phising. Other than that keep your log in details safe and your password secure and you will not encounter too many problems.

What is phising?

Phising is email spam, or spam, which by clicking a link in the email will redirect you top website where it is necessary to introduce some personal data. Normally the user will receive an email apparently from an official family organization, a bank or an online payment service such as Paypal where they claim to be closing your account or amending your log in details. Since everything seems very original the user tends to beleive the message. Content in the message indicates that the user has to update or validate the information regarding the account otherwise the account will be suspended. Not wanting this the user will follow the instructions in the email. This link leads to a replica site mentioned in the email such as Paypal.co.uk. On this page the user is asked to enter personal data and various confidential details such as a card number, username or password. NEVER give out your perosnal details in an email link. Paypal and banks do not ask for these details by email.

Should I use Paypal myself?

I would always recommend it to my buyers. It not only makes buying easy but offers the buyer a dispute console to avoid poor sellers, items received not as described and lost items. I use it everyday and we receive payments through our internet site and our eBay shop on a daily basis. My boss Kevin simply loves seeing money appear in his account each day and to date we have never suffered a loss or any form of fraud using it. You can withdraw or add funds very easily and I would fully recommend Paypal to all who read this guide. Thank you for reading it and I hope to hear from you all soon, David.

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