US EditionEuropean Banks Hit by Rogue PayPal Payments Worth 'Billions'
PayPal's fraud-detection failure led German banks to block about €10 billion in payments, disrupting transactions and prompting user vigilance amid ongoing account monitoring.
- German banks blocked PayPal direct debits worth around €10 billion after PayPal's fraud detection system failed.
- The German Savings Banks Association confirmed incidents of unauthorized direct debits initiated by PayPal across Europe, particularly in Germany.
- PayPal acknowledged the disruptions and assured that the problem was resolved, with payments running normally again.
61 Articles
61 Articles
A breakdown at Paypal had resulted in banks stopping direct debits in the billions range. Now the financial service provider and the banks are working to get the consequences under control.
European banks have blocked more than 10 billion euros in PayPal payments over suspected fraud after its fraud-checking system failed, the Sueddeutsche Zeitung newspaper reported on Wednesday.
Shock for all Paypal customers in Germany. The online payment service is currently struggling with a serious disruption due to failed security systems. German banks are therefore currently blocking payments in billions. Paypal customers need to know that now.
The popular payment service was temporarily disrupted. Payments were partly not received. What consequences and consequences does this have for traders and customers who use Paypal?
The German credit industry has confirmed irregularities in payment transactions with the US financial service provider Paypal. In concrete terms, Paypal's debits were not justified, the association informed at the request of Deutschlandfunk. The individual banks and savings banks reacted to these irregularities. Consumer protectors advise to control their own accounts.
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