Is PayPal safe?

Beemit, Venmo, and Zelle are all having their moment right now, but how does PayPal, the oldest among them, stack up? 

Not only is PayPal a trustworthy platform, but they can be a lifeline in getting your money back if you get scammed. 

With PayPal, you can send, receive, and request cash from your friends and family. It's also a safe and easy way to checkout when buying from online merchants. Whether you're a buyer or a seller, PayPal keeps your financial information safe online. Just link your debit or credit card, and pay instantly with added security. 

Every purchase you make through PayPal is end-to-end encrypted. This means your data is under lock and key from the moment it leaves PayPal, to the moment it reaches the buyer or seller. If your data is intercepted by a hacker, they won't be able to view your data, since they don't have the key needed to see what's inside. 

PayPal also checks the integrity of your browser before letting you log in to your account. It scans for a secure HTTPS connection and Transport Layer Security (TLS) configuration – or that your browser is secure enough to transport your sensitive data via the internet. This is why the little lock next to your URL is so important! If the connection doesn't meet PayPal’s standards, you won't be able to log in. These checks aim to stop man-in-the-middle attacks, where hackers sit behind you as you surf the web, collecting information from your traffic. 

PayPal monitors every transaction on a 24/7 basis so you can be sure your data is safe against fraudulent transactions and identity theft.

One of the greatest perks of shopping with PayPal is their Buyer Protection policy. If you’ve purchased something online and it hasn’t arrived, or it doesn't match the seller's description, you know how disappointing it can feel. If you fit the criteria, PayPal will launch an investigation and reimburse you for the price you paid, including shipping costs. PayPal’s Buyer Protection is a solid safety net if you’re shopping with a new site, or want extra protection on a pricey purchase. 

PayPal protects sellers and buyers alike. Their Seller Protection policy is designed to protect your account against scams and false claims a customer hasn't received their product. If a customer lodges a dispute, PayPal will hold the funds from the sale. Once you've provided proof of the order's delivery or fulfilment, the funds will be released back into your account. 

Even though PayPal itself is a safe and trustworthy platform, scammers are a relentless bunch. They're always coming up with new schemes to weasel their way into your inbox. They're capitalising on the widespread use of AI, altering their tone of voice and using it to write emails that genuinely sound like PayPal. 

You could be the victim of a phishing scam if you receive a sketchy email or phone call from someone claiming to be from PayPal.  Chances are, their mission is for you to give up your personal information or click on a link that leads to an unsafe site. Clicking on links you find in sketchy emails could infect your device with malware – in either case, your personal information is now in the greedy hands of a scammer.  

Invoice scams masquerade as legitimate invoices demanding payment for a product that was never ordered. The email could fool you into thinking it's legit, with business logos or serial numbers. However, the alarm bells should sound when the 'buyer' requests the refund via cryptocurrency, which makes it impossible for you to track and dispute the payment. 

In cryptocurrency scams, you’ll receive an email with an attached receipt detailing your cryptocurrency 'order' that you paid via PayPal. They’ll provide a phone number and link to click on so you can prevent the 'order' from being processed. If you call the number or click on the link, it'll likely lead to an unsafe site, putting your personal and financial information at risk. 

Do not use the 'friends and family' payment option unless you are actually sending money to your friends and family. Some merchants will ask you to pay with this option as the standard goods and services option charges the seller a small fee. This fee also ensures your goods in case anything goes awry, so if you pay via friends and family, you're not protected if you get scammed.

If somebody contacts you claiming they're from PayPal, do not provide any information or click on any links. Instead, hang up and call the official PayPal customer service line. If you receive a phishing email or text from someone impersonating PayPal, forward it to phishing@paypal.com and delete it from your inbox. If you have further concerns about the safety of your account, contact PayPal. 

If you think your PayPal account may be compromised, change your passwords immediately and contact PayPal support.

PayPal can help you shop safer, especially if you want extra protection on a pricey purchase. While there are certain scams you should be on the lookout for, PayPal itself is a safe, secure, and trustworthy platform.