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Someone hacked into my PayPal account, and was making withdrawals from my checking account! It was a nightmare! The criminal supposedly had only the last four digits of my checking account number and that was somehow enough for them to do this! (According to the person I spoke with at PayPal.) If they'd had my debit card (which accesses the same checking account), it would've been easier to stop the whole thing -- but because they were making wire transfers directly from my checking account, it couldn't be stopped quickly. I sat there and literally watched this happening.
First, $371, then...$600. I saw the transactions in PayPal. I was suspicious when I got an email from PayPal. I'm not new to the idea of Phishing, so I ignored the first one. Then, the 2nd one came in and I thought I'd better check my account. Sure enough, the transaction was in process!
I contacted PayPal first. They placed a hold on my account. Then, I called my bank (panic-stricken) and they were so blase. I told them someone was trying to withdrawal the funds via wire transfer. I gave them the EXACT dollar amounts and told them these were unauthorized transactions. They told me they didn't see any transactions. They said there was nothing they could do until the withdrawal happened and then I could file the necessary report.
Mind you, this could have all been much worse. I only knew of it because I checked my PayPal account online. What if I'd been out of town? The money was wired out of my account, and there was no security in place to stop it. I called my bank on their recent "fraud" ads, saying they spent tens of thousands advertising how they protect us, and now they won't do anything. They actually defended the ad...but that's another story.
PayPal put a hold on my account, and sad the money might come out of my bank account, but I should not worry because it would not leave my PayPal account. OK. I felt somewhat assured/safe. THEN, a few days later, sure enough the money came out of my bank account. This was done over a Friday-Monday period. I called PayPal. They told me again not to worry -- the money would NOT leave my PayPal account. It had all been blocked. Then, they told me there was no way they could put the money directly back into my bank account right away because it was a WIRE transfer (not debit card transaction), so it would have to go through the Federal clearing system, which would take days. Business days. I was supposed to wait 3-5 business days to get my money back. Money that PayPal allowed someone access to. Nearly $1,000! I trusted them and my bank and both let me down.
If I had not checked the account myself, there would have been no block placed on PayPal, and the bank would've let them take my money.
My husband and I went to the bank in person. The woman there contacted someone at the Federal clearing system and we swore/signed an affidavit that the transactions (in Algiers) were not authorized. They put the money immediately back into our account. I was dumbfounded. I think we just got lucky with whoever our bank rep. spoke to at the clearing system.
Everyone wanted to hold onto our money for a few days, letting it clear, etc. We were supposed to just WAIT.
It's not secure at PayPal. It's just not. They try -- but it's not possible to protect us -- not with today's technology.
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