How to Protect Your Finances When Using PayPal

With the evolution in online trading, there have been countless incidents where people have been deprived from their savings just because they were not very careful while giving out information over the internet. PayPal is one of the best tools used for online transactions but just like any other service, PayPal too has its blessings and curses.

You must be vigilant while making transactions using your PayPal account. There are certain precautionary measures that you must take in order to protect yourself from online theft and fraud when using PayPal.

Instructions

  • 1

    PayPal has introduced a security key feature for all its accounts. Whenever you want to make a transaction or access your PayPal account, you will be asked to enter a numerical code known as the security key. To provide added security, the key keeps changing and you will be assigned two distinct security keys by PayPal even if you try to access your account only seconds after you logged out of it. One of the options you can choose to avail this free service is to have the security key delivered to you cell phone. Alternatively, if you use your PayPal account in areas where cell phone coverage is limited, you can choose the security key cards option. The security key card is just like a debit card with a digital readout on it which will display the security key each time you wish to login or make a transaction from your PayPal account. For a security key card, you will have to pay a one time cost of $5 at the start.

  • 2

    Vigilantly read all emails pertaining to your PayPal account. Never reply an email which asks for information such the password to your PayPal account. The last thing you want is your account being compromised because you had replied to a phishing email.

  • 3

    Change the password to your PayPal account as frequently as possible. Moreover, the password should be fairly complex. You should use upper and lower case alphabets, numerals and special characters in your PayPal password. For example ‘23@Kimberley’ would be an ideal password.

  • 4

    Just to be on the safe side, consider purchasing a money-back from PayPal. If you have a PayPal money-back guarantee, the amount you spend on a transaction that did not as planned, will be refunded to your account.

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