PayPal employs more security protection for eBay sellers
Posted on June 27th, 2009
More security features in their system have been launched by PayPal to protect eBay sellers in the Philippines and the entire Asia-Pacific region. This will help guard against potential high-risk transactions and unauthorized payments.
PayPal South East Asia and India General Manager Mario Shiliashki said the Asia Pacific is Paypal’s fastest growing region, 12 million accounts as of this year. According to him, they are processing more than $4 billion of total payment volume in Asia Pacific in 2008. This represents an increase of 56 percent from 2007.
With the new protection system, Shiliashki said eBay sellers will be safeguarded from potential scammers who use someone else’s credit card, bank account or PayPal account in making unauthorized PayPal payments.
“When this happens, PayPal places a hold on the funds until it determines if the funds are unauthorized. If the payment if unauthorized, the funds are returned to the legitimate buyer’s account. As part of PayPal’s seller protection launch, eBay sellers are now protected against unauthorized payments when they provide shipping documentation,†Shiliashki said.
In the new system, users would be able to pay without disclosing their financial information with sellers or other third parties. PayPal also sends an email confirmation of every account transaction. Shiliashki said, “If a user received confirmation of a transaction it doesn’t recognize, Paypal’s customer support team will help sort the situation. If a user believes an unauthorized payment has been sent from their account, the user can file an unauthorized claim through PayPal.â€
Shiliashki said they are always concern and vigilant against credit fraud, that’s why they are conducting 24/7 transaction monitoring. They have also employed sophisticated anti-fraud risk models, a stringent verification process and an experienced team of over 2000 anti-fraud experts. For all their efforts, Shiliashki said they are able to maintain a loss rate of 0.32 percent in the first quarter of 2009 due to fraud.
