How PayPal is Helping Cyber Criminals Steal Your Money - Part 2

How PayPal Helped Cyber Criminals STEAL MY Money...

How PayPal is Helping Cyber Criminals Steal Your Money - Part 1

In order for people to use platforms like PayPal, the platform and the company must be trusted.

But what happens when the users of the platform are taken advantage of? Or worse, when criminals find a way to use that system to steal and take advantage of people to the point where they turn it into a business model??...

Well, this is what's happening...

And rather than actually investigate these instances, you are given a blanket statement that "PayPal doesn't allow payment for cryptocurrency," however no employee has been able to point me to that line in the User Agreement or anywhere on the site. There was a bitcoin.com article which touched on this very topic. If PayPal doesn't allow for payments for cryptocurrency, it should be explicitly stated somewhere, otherwise, PayPal should be liable for the fraud.

After a conversation with the fraud department, I was told that my account would be deactivated and that I would no longer be allowed to use the platform... Who wants to use a financial platform that helps crooks defraud them?? Not me... But, my account was deactivated nonetheless...

Here are screenshots of the reversed transactions:

Here is a screenshot of PayPal's instructions for resolving chargebacks. I've highlighted the part that says that customers have up to 120 days to dispute a transaction.

120 days is a long time to have to keep track of sales as an individuals and/or small businesses. This type of fraud increases at a rate of around 41% every two years, yet companies like PayPal are not doing enough to combat this issue.

PayPal is complicit in this fraud, but unfortunately, they are not the only ones...

Venmo

Venmo, which is owned by PayPal may be an even riskier payment method than PayPal because it was designed for exchange of funds between "friends and family members." Due to this design, a receiver of funds will be deemed liable for any wrongdoings on the other end (ie. disputed transactions, etc.)... Only approved merchants are able to accept payments for goods through the platform, so for individuals, there is essentially no protection from chargeback fraud. I lost $1,300 on the platform with little to no explanation.

Square Cash

Another seller on the localethereum platform sent me a screenshot and asked that I add Square Cash to the article... They simply told the seller that the reversal was final and that for any retribution he would have to discuss it with the sender (the fraudster).

Here is the screenshot:

If you have had any similar occurrences and/or if there are any other companies that should be added to this series of articles, please comment below.

Thank You for Reading, Please upVote, reSteem and Share this post in order to raise awareness

(and to help me earn some of my money back!)

Best,

@debraycodes