FundRobot » Fund Management » Paypal Security for Withdrawing from Bank Account?

Old   #1 (permalink)
Posts: 2,526
Default paypal security for withdrawing from bank account

I want to link my bank account to Paypal so I can deposit money into my bank, but I am scared that if my Paypal account ever gets hacked, all my money can be withdrawn from my bank since they are linked.

So what kind of security does Paypal have for withdrawing money from a linked bank account into the Paypal account? Or is there no security and can someone take all your money if they get into your Paypal account?
by security, I mean are there any secret questions or verification procedures?

TopGear.12 is offline   Reply With Quote
Old   #2 (permalink)
Posts: 2,584
Default paypal security for withdrawing from bank account

The security aspect of bank accounts and paypal is that paypal withdrawal actions can only be done at paypal and bank account withdrawal actions can only be done in the bank or through your online account access. Not only that, funds in the bank cannot be sent to paypal unless it is done using the banks debit or credit card which is linked to your paypal account, funds on paypal can only be sent to the bank or to sellers whom you have bought products/services from.

So for example if someone hacked into your paypal account and got to see your linked bank account details, they could only get money off your bank account if they went into the bank with your ID and requested it, they could only send funds in your bank account using the linked debit/credit card and those funds then have to go to your paypal account, they could not do anything else online because all banks have agreed procedures with their clients on how fiunds can be withdrawn from the account, be that using online access or telephone access, these instructions have secret codes anyway which only your bank manager and you would know about, so there is no risk even if someone got your banking details from your paypal account, what can they do with that information ? Nothing !
ForexCash10 is offline   Reply With Quote


Thread Tools