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Tech Tips

Has PayPal Been Hacked?

This morning we are seeing unconfirmed reports that some PayPal accounts may have been compromised.  When it comes to services that have access to our bank accounts and credit cards, we don’t like to take chances.

Information is power, so computer criminals are always on the lookout for new ways to access people’s data. One obvious target is a payment card or banking details. With this type of information, the bad guys can flip users’ account details on dark web markets for a profit or use them to make their own fraudulent purchases. Either route spells trouble for the victim whose account has been compromised.

If you are a PayPal user here are some suggestions to keep your account safer:

  • Change your password.  You probably haven’t done so lately, or possibly ever.  If their records were compromised then changing your password now could protect you from their breakdown in security.  Please, don’t use the same password you use everywhere else.  Each site should use a unique password to lessen your attack surface if credentials were ever compromised.
  • Check all of your security settings in PayPal.  Log in to the PayPal web interface, go to Settings, and then Security.  Review all of these items and make sure you have “Security Key” enabled.  With this feature, you can get a text message with a special code required to log on to your account.  This second method of authentication can make your account much safer.
  • Review your recent transactions, accounts, and addresses.  Make sure they are up to date.  If there is something that should not be there then delete it.

Do you have a bank account tied to PayPal?  It may not be such a good idea as your protection is not nearly as good as what you get with a credit card.

Hopefully, the reports we’ve seen today are not the signs of a previously unreported breach.  It is best to be safe by being proactive and using all of the tools available to you.


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