admin : Friday, April 2, 2010, 2:07
PayPal’s Verification Policy Exposed
David Segal, a writer for the New York Times, has clarified the true reasoning behind PayPal’s “verification” procedure. There have been several complaints submitted to PPC regarding this supposed “security measure”, which is both unfair and extremely crippling to the unsuspecting PayPal account holder in many cases. There are many PayPal users who have had no problems with their accounts for years, when PayPal suddenly decides to freeze or limit their account. PayPal then demands that the account holder “verify” certain sensitive information such as bank account details before the user is allowed access to his or her own funds. According to Mr. Segal, PayPal’s bottom line, as it always seems to turn out, is the primary reason behind the verification policy.
Thanks for this insightful article. I’ll be sure to spread the news amongst my colleagues who still are dimwitted enough to use paypal. “Risk prevention measures” my ass. They are nothing but a bunch of thieves if you ask me!
Yes, I ran into this a moment ago – “verification” consists of my giving them my bank account number (they have my debit card), OR apply for their Paypal credit card – neither of which I want to do.
I filed a complaint with the FTC and FCC.