posted on October 20, 2001 11:32:39 AM new
The clever criminal has learned that he can make bogus accounts on PalPay with ficticious personal banking information. He can then transfer bogus account funds into real accounts and, voila, he has the money transferred to his real account, his friend's account, or use the funds to buy goods and services over the internet.
Here is a letter I sent Paypal... Thanks for your interest...
Dear Paypal,
I am astounded by your attitudes. I called your investigative team with new on a crook who uses multiple Paypal bogus accounts as a vehicle to steal significant amounts of money from untold numbers of people. Iinformation have tracked this crook through the use of accepted investigative practices and discovered his real name and address. Your investigative customer reps appeared not to even care about this information and failed to collect it.
It's easy to see why - Paypal earns money, often double and triple money on bogus accounts. The ill-gotten money gets passed from bogus account to bogus account until it is finally passed to a legitimate account where it is then transferred to the criminal's bank. Clever strategy, a strategy that that will eventually get you more scrutiny and regulation by the US banking authorities, it could end up with Paypal's demise through class action lawsuits, and at best lost business through intense customer dissatisfaction.
The clever criminal will quickly transfer his money to an intermediate bogus accounts to foil recovery attempts. By the time the customer realizes he has been cheated and reports it to Paypal that first bogus account funds will have been moved, leaving a balance of zero. Paypal then complicates the process by taking more than a month to make their determination. This gives the crook more than enough time to have perpetrated many crimes and have made a clean getaway - nice!
The customer then get a neat PayPal response "Our investigation has revealed that the seller is at fault; as a result you are due a refund. However, we regret to inform you that we were unable to recover funds from the sellers account, as the seller's account balance is $0. If this transaction occurred on an auction site, we encourage you to contact that auction site, as they may provide you with insurance coverage."
You must have to bite your tongue to keep from laughing when you state "We value your business and regret that you have had this experience." Please visit www.paypalsucks.com to see how you measure up to customers who have had other and similar problems.
posted on October 20, 2001 02:53:52 PM new
tranzu,
What is so sad about the whole matter, I like many individuals reading this post, just thought there were some problem customers. What I have learned is that you can be a long time customer, have no problems with PayPal or their service, and one day wake up to a nightmare involving PayPal.
posted on October 22, 2001 07:09:52 PM newPaypal earns money, often double and triple money on bogus accounts. The ill-gotten money gets passed from bogus account to bogus account until it is finally passed to a legitimate account where it is then transferred to the criminal's bank.
I'm not Alan Greenspan, but I know a little bit about money. Please tell me how PayPal earns money on these payments where fraud is involved?
1) Buyer sends money to seller via PayPal using there credit card.
2) Seller doesn't ship merchandise.
3) Buyer disputes charge with credit card issuer and the charges are dismissed.
3) PayPal is forced to eat the loss unless the seller pays the balanced owed.
If you can explain to me how PayPal profits from such a scenario then you've really accomplished something.
posted on October 22, 2001 07:40:38 PM new
some of these people get taken by sellers and have no way to recover their loss,so they read the fine prints of paypal and expect paypal to perform miracle for them.
if the money is not in seller account,where and how can paypal recover the money??
people get taken every day,even police or the court cannot do much in some cases.
posted on October 22, 2001 07:45:01 PM new
the only way paypal can make money from these transfer of money from account to account if these accounts belong to paypal or its accomplice?
it does sound like paypal customer service is overworked from all these stupid mistakes buyers and sellers make.thats why it takes 30 days to come up with a response.
limit your paypal involvement whether buy or sell to an amount you can afford to lose,say 50 or 100,150 or less than 500 per transaction.
posted on October 25, 2001 07:09:12 PM new
i feel like a real ninny. i sent $20.00 to someone through paypal for a digital camera. some hoax/scam! whatch out for it! you will not "WIN" any digital camera.
oh well.
