Damp Now the Dictionary of Commonly Used Passwords for Safety’s Sake!
PayPal works extremely hard to ensure the highest security level for its customers. It employs people and technology that work towards identifying vulnerable areas in the online payment process.
To achieve this mission, PayPal has a dedicated fraud prevention department that carefully monitors the payment process making sure no fraud is carried out at any stage of the process. Research and brainstorming is constantly being carried on how to enhance and improve security.
Damp the Dictionary of Commonly Used Passwords
A member of PayPal’s team is Michael Barret who in his video offers some useful tips to stay safe online, starting with the “dictionary of common passwords!”
Forums are also monitored by the PayPal team in order to find sellers engaging in fraud by trading stolen account information. These forum conversations also provide insight into how these frauds function and the risks faced by buyers and sellers purchasing online.
What Actions Does PayPal Take to Minimize Risks of Fraud in Online Transactions?
There are three basic levels that PayPal monitors for fraudulent activity. These are:
1. The Transaction Level
PayPal uses several efficient statistical engines as well as rules that are able to identify any doubtful behavior that suggests that an account has been tampered with or taken over. This way any payments that are illegitimate can be identified and fraud action prevented.
Once the transaction is complete, PayPal uses more vigilant methods to track and analyze the transaction even further. This ups the security even more and allows PayPal to reverse any transactions that are doubtful or suspicious.
2. The Account Level
User accounts are constantly monitored for any suspicious activity such as users operating their accounts in ways that indicate abuse or “hacking”. These behaviors include sudden change of location such as a user whose previous registered address had been the United Kingdom now is tracked in an American location. In such a case, there is a possibility that the account has been hacked and is being used by an online criminal.
3. The Network Level
Monitoring and tracking also takes place on a network level of all the accounts that PayPal has. Typical behavior of someone carrying out fraud is to gather all the stolen money into one account which may be then sold to another fraudster. The PayPal team looks for how interaction takes place between different accounts in the network. Any sudden money transfers between accounts suggest a need for a review.
There is still not a hundred per cent guarantee, even with all these security measures in place that fraud will not occur. PayPal, however, does have a Resolution Center that aims to solve any disputes between buyers and sellers.
The issue of paybacks and chargebacks are dealt by the Resolution Center and this saves all the parties involved a lot of time and money. The Resolution Center puts the buyer in direct contact with the seller whenever any dispute occurs so that it can be settled. In case the buyer and seller do not come to an agreement then the Center will provide an adjudicator to deal with the situation and come up with a decision on what to do.