ED Magedson – Founder
PayPal Mysteriously three weeks have come and gone with no response as to where my money has gone, lawsuit needs to be filed!! Internet
Three weeks ago I made a cash deposit into my bank account, which was then directly transferred online into my PayPal account. The same day, that money, along with an extensive history of transactions between eBay and PayPal dating as far back as 2008 vanished. PayPal, by the way is a wholly owned subsidiary of eBay.
I make a living selling items on eBay ranging from A-Z and evrything in between. I take pride in what I do. My sales are at 100% and I make sure EVERY customer is satisfied to my best capabilities. Losing any amount of money not only affects my life negatively, eBay requires that a specific minimum dollar amount be in your conjoined PayPal account in order for your eBay seller limit to be increased.
Since what I do is an online business monetary tansactions can be paid and received through many different outlets. PayPal is an acquirer, performing payment processing for online vendors, auction sites, and other commercial users, for which it charges a fee depending on what method of payment the seller is using. In addition, eBay purchases made by credit card through PayPal may incur extra fees depending on what method of payment the buyer and seller use. PayPal has promoted that they are not only the safest way of making payments and money transfers through the Internet, but are the best at doing so.
Three weeks have come and gone. After numerous phone calls with Paypals fraud department, no new information has been provided to me other than "our fraud department is still investigating the issue."
With some investigation of my own, PayPal uses an optional security key as an additional precaution against fraud. Well that's good you may tell yourself. But then I read the following, "This two-factor authentication is intended to make it difficult for an account to be compromised by a malicious third party without access to the physical security key, although it does not prevent so-called Man in the Browser (MITB) attacks. However, the user (or malicious third party) can alternatively authenticate by providing the credit card or bank account number listed on his or her account. Thus the PayPal implementation does not offer the security of true two-factor authentication."
I find this particularly interesting, especially the last part as PayPal specifically requires that you become "verified" by providing your credit card or bank account info in order to be able to transfer money between your personal PayPal account and credit card/bank account.
Regardless, if this is case is some sort of "inside job", which I doubt, or some sort of MTIB/malicious third party attack, I think at least some progress should have been made by now as to where my money could be. And considering that as early as 2001 PayPal has had substantial problems with online fraud, some advancement whithin the past thirteen years should have been made to at the very least, make the consumer feel more confident that their money is safe and is being handled properly. Hearing "it is still being investigated" over and over isn't reassuring.
This report was posted on Ripoff Report on 02/06/2014 02:45 PM and is a permanent record located here: http://www.ripoffreport.com/reports/paypal/internet/paypal-mysteriously-three-weeks-have-come-and-gone-with-no-response-as-to-where-my-money-1121517. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.
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