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Securing Your Paypal Account

Securing your Paypal accountWhile I’m on with security topics I want to talk about securing your Paypal account, and this is really the reason I’ve got onto security – mine was somehow hacked and $1400 removed from my bank account.

I do not know how they did it, Paypal told me I must have given my password to someone (really – is anyone that stupid?), but I certainly did not, and all I do know is that they somehow managed to connect my Paypal account with someone elses eBay account (even though my Paypal account is already associated with my own eBay account), and then went on a spending spree.

Here is how to secure your Paypal account so it doesn’t happen to you.1) Although it might be an annoyance, go to your bank account and remove any direct debit, etc that allows Paypal to happily dip into your bank account when there are not enough funds in your Paypal account – it’s like giving the keys to the vault to any crook in town.

2) Take advantage of Paypals most excellent SMS security feature. What this does is ties up your Paypal account to your mobile phone (cell phone), so now every time you want to log in, make a payment, etc, Paypal will send you a 6 digit security code directly to your phone.

If you don’t have this code you can go no further, so even if some crook somewhere has your Paypal login and passwords, they can’t do anything unless they also have your phone in their possession – well not without some serious effort and technical ability.

I decided to ask my bank about this feature since I thought it such a good idea, but amazingly the main high street banks don’t do it – I think they should.

Anyway, I like to think of myself as pretty security conscious and I got well and truly caught out, I recommend you go and do what I’m suggesting above, it is far easier and less hassle than waiting until something similar happens to you.