Re: [Leica] OT - PayPal

[Photo Phreak <leicam4pro@yahoo.com>]

There are several sites on the web which serve to disclose
some "irregularities" with paypal.  The one I read suggests
the "frozen accounts" are actually the owners of PayPal
"borrowing" the recipiants money to invest for themselves. 
I would suggest any lug member investigate thorougly before
using PayPal to receive payment for items you sell.  PayPal
is not a bank or in any way a regulated finacial concern. 
You use it at your own risk.  Jay Gould would love
it.......

============================================================
- --- Oliver Bryk <oliverbryk@attbi.com> wrote:
> This item may be of interest to PayPal users. I copied it
> with the author's
> permission from the RISKS newsgroup.
> Oliver Bryk
> 
> "Date: Thu, 21 Feb 2002 14:14:16 +0000
> From: <max7531@earthlink.net>
> Subject: Re: PayPal's tenuous situation  (Jonas,
> RISKS-21.92)
> 
> "After using PayPal to buy something, I learned
> something. I recently made a
> direct purchase from a web site through PayPal.  After it
> became clear that
> the transaction would not take place, I issued a
> complaint through PayPal's
> complaint service.  Not being satisfied at the short
> explanation of the
> complaint process, I decided to give them a call to see
> where I stood.
> After much cajoling, the operator told me that the person
> I transferred
> money to had had her account frozen due to a fraud
> investigation! Of course,
> PayPal never prevented her account from continuing to
> receive money after it
> had been frozen. When questioned further, the operator
> said that it was
> PayPal's policy to allow frozen accounts to continue to
> receive funds so
> they could continue to payoff claimants!  It seems that
> PayPal has a
> fundamental flaw in the way it "protects" users. With
> normal credit cards,
> the credit card company must guarantee the transaction to
> the merchant,
> since he takes a risk by accepting a flimsy piece of
> plastic instead of cash
> for his valuable merchandise. With PayPal, the opposite
> should be true. They
> need to protect the buyer, since the money is paid before
> she receives the
> goods.  I can see how millions of dollars in fraud could
> be committed by
> exploiting this flaw (as long as PayPal is willing to
> reimburse complaint
> issuers. :)I'm still waiting on resolution, but I have no
> fear. Since I made
> the payment with an actual credit card, I plan on
> challenging the purchase
> through them if PayPal's response is unsatisfactory. 
> Must have been
> something I read on RISKS about layered security.)"
> 
> 
> 
> 
> --
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