Is PayPal safe?
PayPal, which processes more than nine million payments every day, has become one of the most popular ways to send and receive money online. But how safe is it? For the most part, it’s perfectly safe to use. It’s important to remember that any form of online transaction incurs some risk – data breaches and technical glitches are possible but these aren’t unique to PayPal. Currently with its strong security record, PayPal is one of the safest payment methods available, especially for buyers. Let’s explore why.
Data security
PayPal’s website is secure and encrypted, using all the same security features as any financial institution. Take the standard precautions you would for online banking.
Bank account and credit card numbers
Rather than providing your credit card details to every online store, you do it once for PayPal. PayPal then encrypts your information, which is located on a PayPal serve behind an electronic firewall. They do the job of checking the security and reliability of the websites you purchase from so using PayPal is safer than giving your credit card number directly to a website.
Disputes and frauds
If you buy an item that never arrives, PayPal does have a Buyer Protection program that can cover you. Buyer Protection is similar to the protection offered by credit cards, which means if the seller failed to deliver what was promised, you can usually get your money back.