Is Paypal supporting Fraud?

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How old is Paypal?

Very Old in the internet industry and the biggest payment processor.

How on earth is it that they dont realise that to eliminate Fraud and chargebacks all they need to do is to double autenticate a user before any purchase or login.

i.e Password - Verify Security Information - Then purchase.

Many smaller payment processesrs rarely have any chargebacks by using this sytem.

I think Paypal needs the FSA to tell them this because they never listen to small boys like us aka users.

Every tom **bleep** and harry knows that to hack a paypal account all the hacker needs is that fake email that looks like Paypal telling you of a Chargeback and asking you to login.

Once you try to login your password is stolen.

I am asking Paypal to fix this now or it will be the FSA telling them.

[kernowlass]

Chargebacks are initiated by a credit card company and paypal have no control over this.

Paypal are not regulated anymore by the FSA.

Regulation

In Europe, PayPal is registered as a bank in Luxembourg under the legal name PayPal (Europe) Sàrl et Cie SCA, a company regulated centrally by the Luxembourg bank authority, the Commission de Surveillance du Secteur Financier (CSSF)[66] (note that all of the company's European accounts were transferred to PayPal's bank in Luxembourg on July 2, 2007.[67]) Prior to this move, PayPal had been registered in the UK as PayPal (Europe) Ltd, an entity which was licensed as an Electronic Money Issuer with the UK's Financial Services Authority (FSA) from 2004. This ceased in 2007, when the company moved to Luxembourg.[68][69] It is therefore not possible for UK customers to obtain legal redress from the company in the English, Scottish, or Northern Irish Courts.

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The response above confirms paypals ignorance.

A user suggests a way of eliminating chargeback that other payment processors are using with great success but all i get is a dodging responsibility response.

Paypal is still regulated and as to abide by EU laws.

Paypal Paypal Paypal... how many times did i call you?

I am dissapointed like many thousands of users.

With the amount of money Paypal makes from millions of users all chargebacks should be absorbed by Paypal.

Not giving users headache. Is it going to be this way for another 10 years?

[kernowlass]

Err dodging responsibility?  LOL I don't work for paypal and the cut and paste i provided i got from wikipedia as i remember reading on the ebay boards that that they are no longer regulated by the FSA.

Just didn't want you running to the FSA when they can't help you.

And again i will point out this

This ceased in 2007, when the company moved to Luxembourg.[68][69] It is therefore not possible for UK customers to obtain legal redress from the company in the English, Scottish, or Northern Irish Courts

All i posted were FACTS hun, chargebacks are the responsibiliy of the credit card companies.

That is why when a buyer has been ripped off but too late  to file with paypal i advise them to try their credit card company if they funded their paypal payment from there.

Not saying i agree or disagree with those facts i was just stating them as facts for your information.