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Tuesday, March 28, 2017

Hacked in PayPal? Here's the answer!

My adult daughter's checking account out in Colorado was wiped out last night.  A hacker, working through PayPal, successfully withdrew over $3000.00 from her checking account.

Needless to say, she is actively pursuing recovery of her money.

I have made use of PayPal often.  It has been very useful and convenient for sending money to friends and relatives, as on birthdays and the like.  My PayPal account has long been linked to my checking account, so that money sent would appear on my bank statements, and monies received could easily be deposited.  Today, after reporting my daughter's disaster to my bank's customer service rep, I have cancelled that link between my checking account and PayPal, as well as two credit card links.

My bank's representative has informed me that the safest link is to my debit card. Debit transactions are limited to a total of $1,000.00 per day, she says, and if fraudulent use occurs, the bank can simply cancel the card, issue me a new one, and the leak will be plugged.  Recovery of the stolen amount, she says, usually takes only one day.

This high-tech world we live in has many wonderful aspects, but is not without its risks.  I wish my blog readers secure banking, and freedom from fraud!

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