• IP addresses are NOT logged in this forum so there's no point asking. Please note that this forum is full of homophobes, racists, lunatics, schizophrenics & absolute nut jobs with a smattering of geniuses, Chinese chauvinists, Moderate Muslims and last but not least a couple of "know-it-alls" constantly sprouting their dubious wisdom. If you believe that content generated by unsavory characters might cause you offense PLEASE LEAVE NOW! Sammyboy Admin and Staff are not responsible for your hurt feelings should you choose to read any of the content here.

    The OTHER forum is HERE so please stop asking.

Call to regulate e-payment firms after fraudulent PayPal transactions

PWNED

Alfrescian (Inf)
Asset

Call to regulate e-payment firms after fraudulent PayPal transactions


Customers, experts flag risk after recent fraudulent PayPal transactions


Published on Jun 03, 2013

ST_20130603_JITPAYPAL_3685610e.jpg
ST_20130603_JITPAYPAL_8_3685629e.jpg


PayPal does not offer two-factor authentication (2FA) in Singapore. A security expert said the firm should add the security layer to protect customers here. This includes requiring users to key in a one-time password generated by security tokens like the one on Standard Chartered Bank's dual-function card. -- ST FILE PHOTOS

By Irene Tham Technology Correspondent

SOME consumers and security experts are calling for e-payment service providers to be regulated like banks following a series of fraudulent PayPal transactions on users' credit cards recently.

This comes after The Straits Times reported over a week ago that hackers had stolen from a larger-than-usual number of Singapore PayPal accounts in the last two months, with losses ranging from $50 to more than $3,000.

Pharmaceutical executive Lim Mei Ee, 30, said the relevant authorities should "put pressure" on PayPal to add more security layers before letting a credit card purchase go through.

This includes requiring users to enter a one-time password (OTP) - randomly generated on security tokens or sent via text messages to users' mobile phones.

BACKGROUND STORY

How fraud could have occurred


MS MYLA Pilao, director of core technology at security software firm Trend Micro, said PayPal is one of the top two commonly "phished" sites, the other being eBay.

Phishing is a method used by fraudsters to trick their targets into revealing credit card information, passwords and other personal details.

When unsuspecting users click on an embedded link in a phishing e-mail or instant message, they will be led to a bogus website where they will be asked to enter their personal information and passwords.

Another way cybercriminals steal users' passwords and credentials is through malware that has infected computers. The malware captures users' keystrokes surreptitiously.

PayPal's website could also have been hijacked by hackers, but the company maintained that its system was not hacked into.

IRENE THAM


 

bebo

Alfrescian
Loyal
I suppose these paypal users have no credit cards? If not, why use paypal when you can use VISA or MasterCard which has protection to customers in case of fraud?
 
Top