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PayPal Settles NY Probe, But Faces Others

Posted by timothy on from the probe-away-captain dept.

Coneasfast writes "PayPal, which is owned by eBay, has admitted misleading shoppers into believing it offered credit-card-style protection and has agreed to pay $150,000 to settle charges. There are many sites out there which are dedicated to the problems of paypal, including PayPalSucks and PaypalWarning." Reader ipandithurts links to this related Reuters story, pointing out that the New York investigation isn't the only PalPal probe: "PayPal's practice of suspending users accounts while investigating suspicious transactions continues to be review by the FTC. While the rate of fraudulent PayPal transactions is less than one-half of one percent, the volume of more than $12.2 billion last year keeps Paypal caught in the middle of many disputes."

4 of 218 comments (clear)

  1. Fees by Fat+Jedi+Kid · · Score: 4, Funny

    I wonder what service they are going to use to pay the fine? I suggest: NoCheques!

  2. Re:PayPal... by j0e_average · · Score: 5, Funny

    Useful, yes, but I get an email at least once a day advising me that my account may have been compromised. I have to verify/provide all manner of information, such as ATM PINS, CC Numbers, DDA/Routing numbers, etc... You'd think they'd keep better track of their info! ;)

  3. Keep a low balance by poppageek · · Score: 3, Funny

    I use Paypal for the CDs I sell on eBay but I never let the balance get over $100 before I take it out. Well ok, I spend it.

  4. Re:Paypal is a great concept... by Anonymous Coward · · Score: 2, Funny

    A $1200 record player part? Was this a magic record player?