PayPal Crypto Fraud
So I start off the new year with a text message which came from a phone number that I was able to see is the same phone number from PayPal's website, and from other PayPal security messages. It told me of a crypto currency transaction I was looking to confirm. Crypto is something I never wanted to get in, and don't plan to do so anytime soon. I told the message I did not confirm the transaction, and yet they went ahead with it, and it resulted in roughly $500 of my money being withdrawn and my account ended up selling the crypto currency. I got PayPal to stop all other unauthorized transactions, changed my password, and issued disputes in the attempt to get back all the money that was stolen from me. I did see in PayPal's disclaimers that any bitcoin crypto exchanges that were sold cannot be retrieved, yet I know I did not authorize my account to sell those bitcoins. So, to me, there was someone on the inside of PayPal who was able to bypass protocols, appear like a legit PayPal computer agent, and proceed to sell and buy again when I said no. In the end, PayPal only refunded the fees involved with the crypto currency, and I still see $500 of my money withdrawn for a bitcoin purchase that I still never authorized, and there appears to be nothing that PayPal can do to refund that money (my issue was closed to them).
At this point, unless somebody here can help me out, I'm now seriously considering no longer doing business or accounts with PayPal anymore if they are this vulnerable to security (potentially having someone inside the company committing fraud) and unable (or unwilling) to help their clients feel secured with their funds and accounts. So beware!
Welcome to our community forum and thanks you for your post!
I certainly understand how concerning this can be for you. PayPal works 24/7 to prevent theft and fraud. You can report any unauthorized activity in the resolution center of your PayPal account. Please take a look at our article for the steps to report the activity here. You can also reach out to our customer support team through the available contact options on our website for additional assistance to report the activity.
I hope this information helps!
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