What if someone uses our bank account info and use it on Paypal?

[vishenda]

I have this in mind a while ago, what if someone knows your bank account number and expiration date then uses it for paypal transactions? Because all important information is in our bank card (e.g. visa, mastercard) has the information needed for registering a paypal account.

Those important information includes the bank account no, expiration date. Anybody here realize that when we buy something and the salesperson would attempt to copy down your bank card information then uses it for paypal?

Maybe I'm wrong about this, I know Paypal has a very good dispute policy and it protects the consumer first. I would like to hear some answers.

[instantinfo4you]

I think that the possiblitie of fraudulent charges through paypal are possible, However I don't think that this is something to be overly paranoid about. It is just like any other type of online fraud. From my personal experience, I have found that most salesman I deal with are honest people. Somehow salesman have gotten a bad wrap. Besides most bank cards come with protection against this type of thing. If yours does not, Then you should switch to a bank that does. Hope this was helpful.

[autoxer]

Originally Posted by vishenda

I have this in mind a while ago, what if someone knows your bank account number and expiration date then uses it for paypal transactions? Because all important information is in our bank card (e.g. visa, mastercard) has the information needed for registering a paypal account.

I don't think that is enough information for someone to take money out of your bank account with paypal. Paypal verifies bank accounts by sending a couple small deposits & you need access to the bank account statement to successfully link the account.

[vishenda]

yes but its possible

[Hez]

When registering for Paypal they sent me two small amounts of money (a few cents each) and I had to be able to say what those amounts are were. If anyone used my account to register for Paypal (assuming that I didn't have it already) I'd see those transactions online and that would be a dead giveaway that someone else was using my account. Plus I think I had to verify my address too...but I registered so long ago I've forgotten.

[Broken Arrow]

I had a Paypal account, but rarely used it. Paypal will keep your link information for a long time. In cases like that, the only thing standing in the way a criminal hacker and your money is the strength of Paypal's security and the strength of your passwords.

I agree that this isn't anything to lose sleep over. However, if you don't plan to use any online accounts that has any ties to your money on a regular basis, I recommend to go ahead and delete the banking information.

That way, even if by some miracle that your account is hacked, your money will still be safe.

[sweeps]

Originally Posted by Broken Arrow

if you don't plan to use any online accounts that has any ties to your money on a regular basis, I recommend to go ahead and delete the banking information.

That way, even if by some miracle that your account is hacked, your money will still be safe.

That is until the hacker gets a hold of Paypal's backups and retrieves your "deleted" banking information.

[frugalmomof1]

I see your point....all you need is a credit card and an email address for a paypal account. You don't have to 'verify' it by linking to a checking account.
But then again, why go through the trouble of using paypal....if salespeople already have your CC info and the verification code, why not just use the info directly?