From overpayment to shipping scams, what are some of the most common threats that merchants using PayPal should watch out for?
With a total payment volume of US$247 billion, PayPal remains one of the more popular online payment providers among major brands and a variety of smaller businesses and vendors. Indeed, the payment giant boasts 28 million registered merchants on its platform.
However, compared to major, big-name companies like Sony or Microsoft, smaller vendors, especially those that sell items as a sideline, don’t have the luxury of having a whole army of cybersecurity professionals manning their cyber-defenses. As a result, smaller vendors are a lot more susceptible to various forms of fraud and cyberattacks that threat actors can fling their way.
Overpayment
One of the popular scams that vendors will have to contend with are overpayment scams. In this scenario the crook masquerading as a regular customer will send a PayPal payment that is more than the price of the product or order. They will then notify the seller that they made a mistake and sent more money than they were charged and ask the merchant to wire them back the difference. Once that has happened the scammer will then contact PayPal and file a grievance citing various reasons such as that the product delivered was of inferior quality or that their account has been compromised and they didn’t purchase anything. In the case of the latter you might lose both money and goods if t ..
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