There are hundreds of ways sued across the globe for the only purpose of money transactions. Some people use it for personal reasons; but the majority of others benefit it for businesses intensions.
PayPal a way for Online Transactions
One of such online transaction facilitators is the PayPal which is operating worldwide since 1998. PayPal is one such system if an online payment that has dedicated to serving companies and businesses to make their payments easy and smooth.
How your account is at risk from Thieves?
But like all online websites; there are reports that PayPal is also all the time risk. This risk or threat is the authentication hack in which the hacker can easily have full or even partial access to the sensitive details of the account. According to researchers these cyber thieves can use the following methods to get the data.
Phishing is the term used for getting hypersensitive data from people posing as genuine, authentic and trustworthy businesses or companies. People get fooled by their deceit and share the info like username, password and other data.
Malicious Code and Viruses
These are also given another name; the Malware. This software is designed in such a way that not only causes harm to the computer networks and servers; but it also helps to gain access to the credentials of the account.
You must have seen in many websites a message on the screen about acceptance of cookie. This helps the website to know about your interests; but there are others who misuse it to steal important data.
This is also known as Clickjacking in which the page is apparently attractive and promises gift or reward but the real purpose is to acquire info that can help the hackers to get access to money transfer info.
Many of you must have received emails containing warnings and alerts from websites that you have never visited. This is called DNS spoofing or poisoning in which hackers hack a weak website and send emails requesting the people to share the info.
Denial of Service
At times the website you want access to suddenly stops working in the middle of your search. There can be many reasons like an interruption in the internet connection or a very serious one in which hackers intentionally flood the website; to jam it.
The hackers can easily hack into the PayPal website using malicious codes to change the database so that they can have a full approach to every information on the website.
The 6 Achilles heel of PayPal
Many researchers have studied that there has been a great authenticity breach in the security system of PayPal. This could enable thieves to easily hack their way in. Researchers found the following six Achilles heel of PayPal.
Not using OTP when Login from new Device
One Time Pin is given by many online money transfer companies so that the info stays protected. But PayPal failed to provide it to customers who login using a new device.
Avoiding Two-Factor Authentication
Two-Factor Authentication or Multi-Factor authentication means that the receiving party needs evidence that the person at the other end is genuine. The best examples of this are the passcode used in ATMs and bank cards.
Bypassing Money Sending Security Measures
There are certain alarms that trigger when there is a breach in the security system. PayPal is seen to bypass them entirely. Making an easy approach to hackers.
Anyone can change the User Name
General PayPal gives the authorization to change only 2 letters in the names. But it has been observed that the whole name was changed by a simple hacking technique.
No Validation in Self-Help Chat
When you get access to the self-help chat; you use your login details. PayPal lacked the specific validation that was needed to secure the page and the info on it.
Security Question lacks Authenticity
Many software asks the customers to choose a security question and answer that is known just to you. But if the PayPal’s security is not good then hackers can steal your info just from a simple question option.
How to safeguard from ‘Critical’ Login Hack?
But how to safeguard yourself from the ‘Critical’ Login Hack? Experts suggest the following ways not only to keep the info safe when login to your PayPal account but also others.
Powerful Password is best
Your name, address, pet’s name, parents’ name or simple numbers are the worst of all. Try to use difficult passwords which are powerful.
Never Share the Login Details
Never ever under any circumstances you should share your details with anyone. This means that not even with your close and loved ones.
Create a Backup Email
A secondary or backup email address has to be kept in reserve. If the primary one is hacked then the data can be transferred to the second email.
Beware of Hacking Red Flags
Don’t respond to each and every email as they can be considered phishing. Don’t click on these links that have doubtful.
What is the Conclusion?
It is not just PayPal that is vulnerable to hackers but other online money transaction systems can fall to thieves. But the security measures taken by PayPal are not enough which enable a hacker to easily hack into critical login info.