Paypal is one of the most used apps for online shopping. The extent of its popularity can be calculated by the growing number of its users every hour. More than 150 million people are using paypal for online sales and purchases. The credit of this huge number can be given to convenient and useful services provided by the organization. If you are currently a user of Paypal you must have experienced the ease and facilities provided by the organization.
Is it safe to link your bank account with paypal?
Does Paypal stand tall to the online transaction safety standards? Is it safe to link your bank account to the Paypal? The answer to this, so far, is yes. From the date of its establishment, the users have felt secured about their online transactions. No reports have arrived yet regarding any missing cash from the accounts.
Paypal has put some extra efforts to ensure the safety of your bank account details. For example the merchants are able to see the name of the username and the amount to be paid/paid off by the user. Merchants will be unable to see your linked bank account details.
In addition to this, a receipt of the payment is provided for future references. The organization also reviews all the transaction history of your account. Based on that it further intimate the user if there is any skeptical transaction that seems unusual.
But there is another way of seeing this situation. Linking your bank account to the Paypal may be problematic if some other person gets access to your Paypal account.
In case if you receive notification of any payment that you haven’t done through Paypal, you can report the problem to the organization. For this you must have to log in to your Paypal account. The organization provides you a wnidow period of 60 days to report the unusual activity in the account but it is best to notify the problem at the first site. This will help you and the investigators to reach the root of the problem immediately. This will further secure your bank account from getting ripped off.
Paypal has also launched a fraud resolution policy for this. The organization will add the lost funds to your account if it is unable to resolve the issue in 10 days. This time period is greater (about 20 days) for new users.
In addition to the above, the company provides the users two different options to confirm the bank account. In the first method, the company credit user’s account with small amounts and later asks the user to confirm the credit amount. This process will take time of about two to three days.
Second method is instant. In this method the company will directly confirm the bank account. For this you have to share the username and password of the bank account with the company. This way might look risky to some of the users.
In the end, it is advisable to review your Paypal account statements at least twice a month to site any error of worrisome activity in the account.
Author of this post is Dr. Pallavi Sharma