What Do You Think Would Happen If Paypal Got Hacked?

Discussion in Payment Methods started by marshaljohn10 • May 30, 2015.

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Do you trust paypal with your life?

  1. Yes

    6 vote(s)
    40.0%
  2. No

    4 vote(s)
    26.7%
  3. Maybe

    4 vote(s)
    26.7%
  4. Not at all

    1 vote(s)
    6.7%
  1. marshaljohn10

    marshaljohn10New Member

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    Not that I don’t trust in the web security of this site because I know they are highly secure and trusted. This does not stop hackers from trying to gain access to their databases every day.

    I want to believe that Paypal spend as much money paying on their staffs as they do trying to protect their servers. If you are a popular financial institution, then you’ve have got to think of protecting your customer’s private and financial information, especially their credit card information.

    There are millions of credit card information embedded in PayPal’s server and I want to believe that if you ever buy things online, then the probability that yours is in their server is high.

    So my question to you is, what do you think will happen if you should wake up one morning to a breaking news that Paypal has been hacked? Your candid opinion will be appreciated here.
     
  2. Dora M

    Dora MWell-Known Member

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    I only ever make small money transfers on paypal that rarely exceed $200. So, I am not all that worried about possibly making a relatively small loss. I've been using paypal for many years and I have never had problems with it. In fact, it has been a real blessing for me and my business. Obviously, hackers would get access to bank accounts and might find a way into extracting information and money that way.
    That would be a major disaster.
     
  3. missbishi

    missbishiWell-Known Member

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    I must say that I have considered this before. That's why I never let money build up in my PayPal account. As soon as something is deposited I'll transfer it to my bank account. Here in the UK, the money hits your account immediately.
     
  4. Denis Hard

    Denis HardWell-Known Member

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    The least of anyones worries should be Paypal being hacked. They'll have their servers down in a jiffy the moment they learn of the hacking attack.

    Paypal accounts though . . . they get hacked from time to time. Should you Paypal account get hacked, you should expect the hacker to spend all your money or more if you've linked a credit card.

    So be careful. Change your passwords every few weeks.
     
  5. marshaljohn10

    marshaljohn10New Member

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    You know, people never thought of this. Hacking an individual account is different from hacking the organization's server as whole. Ebay has been hacked before but the hackers only gained access to personal information and passwords. There was no report of credit information of any customer being compromised.
    I am just being skeptical about the level of security they have set up to prevent this form of attack. Despite that, i still trust them.
     
  6. troutski

    troutskiWell-Known Member

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    You obviously don't trust them if you're skeptical about Paypal's security measures. The fact is that no financial institution or company is immune to hacking or intrusion. It's impossible to protect every single customer from every threat, and nobody should expect PayPal to do that. Most people don't have enough in their accounts for it to make a huge difference either way. If PayPal gets hacked, then the company is going to have to stop the attack and then provide restitution for affected parties. Simple as that.
     
  7. radzi

    radziActive Member

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    I think you could say that about anything and nothing really is secure. I think what would happen is the economy crashing sooner than it is already appointed to crash. There is a great national debt and if it gets hacked then it is going to be utterly miserable and it will be just horrible. One bank could make a difference like PayPal, due to it holding large amounts of money. It's a scary thing, but you never know what happens, it's just going to be bad eventually if it does happen, that's for sure.
     
  8. sazzydan

    sazzydanMember

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    I think Paypal have enough security in place to stop anything like that happening, but if it did the balances are insured anyway up to a certain amount. Unless you have millions in an account, I think it would be ok. It is a daunting thought to think any company can get hacked, let alone a giant like Paypal!
     
  9. CrowdedHighways

    CrowdedHighwaysNew Member

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    PayPal is, in my opinion, one of the most trustworthy websites on the Internet. Obviously, nothing is 100% trustworthy, but I trust this site above all others. I have backup options, but most of my financial transactions take place on PayPal.
     
  10. sidney

    sidneyWell-Known Member

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    Ebay doesn't contain any financial information aside from the person's shipping info and telephone number, so unless the Ebay and Paypal passwords and email was the same, then they won't get into Paypal.

    Anyway, I think that Paypal is secure enough in general. Users should be responsible enough to protect their account too, a lot of phishing emails are being sent at random.
     
  11. Thejamal

    ThejamalActive Member

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    I trust Paypal completely. And why wouldn't I? They're known as the best online money company on the internet. That sort of reputation is built on customers being satisfied and feeling safe with doing business through Paypal.

    Let's put it this way. I'd much rather have my Paypal account hacked than my bank account, so I don't see myself ever getting rid of it. And while I do have my information on there, they still wouldn't have access to my bank account. And that's the point. It acts as an extra layer of protection so you don't have to be sending your banking information all over the internet.
     
  12. hosewalker

    hosewalkerMember

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    I don't think Paypal will ever be hacked, not on a big scale at least. Paypal is a multi billion dollar company that works in money so I would imagine that their internet security is top of the line. If Paypal was ever hacked I doubt that the hackers would be able to steal from more than a couple of accounts before being discovered. What I'm trying to say is that you don't really have anything to worry about.
     
  13. ACSAPA

    ACSAPAWell-Known Member

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    I have so many things, like my eBay seller account ,linked to PayPal that it would actually change my life for the worse if they got hacked. If you are an eBay seller, PayPal is pretty much your only choice for getting paid unless you have a merchant credit card account.
     
  14. DreekLass

    DreekLassWell-Known Member

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    I'm not a fan of Paypal for the simple fact that they can more or less do what they want and get away with it, because they are the only/main option when it comes to a lot of online payment sites. Paypal are not to be trusted with your life. They sometimes hold your money when you transfer it to your bank account, and it could be a matter of life or death - why you are withdrawing the money, and you are screwed if they decide to hold that money for 24 hours, or 72 hours, or even longer.
     
  15. remnant

    remnantActive Member

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    I suppose if there was a systemic breach or failure in Paypal, there would be a mass migration to other reputable sites like Moneybookers ( currently called Skrill). This would mean bigger challenges for the same payment options. Ultimately, it would be another blow to the confidence of having to transfer money online. On the positive side, other payment options like Western Union and Moneygram would chip in to fill the void.
     
  16. iRoxas

    iRoxasNew Member

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    I think PayPal is very secure and if they ever got hacked there would be so much news about it. Your account would probably be safe though because they probably don't keep them in plaintext and probably have them hashed and salted but still. I heard that hackers were able to decrypt the hashed things in like 90 hours and if it takes that little just to crack logins, then maybe yea, PayPal would be in trouble.
     
  17. cluckeyo

    cluckeyoActive Member

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    I believe that Paypal is an extremely reputable company. Lots of big, huge banks are online and I believe that they are safe. If it was not safe, they wouldn't do it. They don't want lawsuits.
     
  18. explorerx7

    explorerx7Active Member

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    NO financial entity is immune to being hacked, including Paypal. However, I believe that Paypal is extremely vigilant when it comes to monitoring hacking activities. If there should be large-scale undetected hacking into the Paypal system for a prolonged period, it would probably result into a mini catastrophe because of the huge amount of accounts that could possibly be breached. However, knowing Paypal, they are constantly looking out for the possibility of being hacked in order to to institute quick counter measures.
     
  19. fcuco

    fcucoNew Member

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    Banks are hacked all the time, they simply get over it and give you your money back if you can prove that it is their fault because they pay a hefty insurance to protect themselves from situations like that, so I am guessing that PayPal (or their parent company) pays some kind of insurance that would allow them to handle any kind of money loss or liability issues.

    There is a software called team viewer that allows you to remotely access computers, well, that was hacked so intruder gained access to a lot of computers and started getting into people's PayPal accounts because, like most of us, the victims choose the option to "remember my password" on their browser, so, PayPal was not technically "hacked" per se since this requests came from the exact same computer of the victim using a valid password, but it was a case of money being stolen from PayPal.

    Not even your own computer is safe, never use the remember password thing, enter it every time.
     
  20. Alexandoy

    AlexandoyWell-Known Member

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    Paypal is my only means of remittance - my online earnings go straight to it and I also use it for my online purchases. And supposing it would be hacked, my money can be gone just like that. I don't see a way of protecting my Paypal account except by changing the password regularly and using a password that is not easy to guess. But I know that Paypal has its own security measures and that it wouldn't be easy for the hacker to just enter any account.