Preventing Bank/PayPal Fraud

Many of my friends/readers followed my nightmare in December 2013, when my Paypal account was hacked draining my US Bank account.

I will say Bank Fraud is more stressful than divorce. 

Bank fraud is not 100% avoidable, unless you don't use a bank, and this day and time I think that is not possible. 

After my month long battle, yes it took 30 days to completely resolve the issue....even though after my social media attention to the issue helped me....I have decided to share what I have learned. 

PayPal is a safe way to make transactions, they guarantee you are protected from click to doorbell.  I will say PayPal is the first one that caught the fraud, but it took them 10 days to clear it up.  If you are poor like me 10 days without $862 is HARD to manage. 

Here is what I suggest when using PayPal: 

• Do not have your main bank account linked to your PayPal account.  Have a separate account set up just for online transactions. 

• Change you password at least every 30 days.  

• Monitor your PayPal account closely, especially if you have used it recently. 

•  Never give out your PayPal email login over the web or to someone that you don't trust.   

•  Set up text alerts on your PayPal giving you that extra knowledge. 

•  Be aware of who you are shopping with.  I believe eBay and Amazon are safe, but what about the individual sellers...check their ratings. 

• Protect your PayPal like you would your wallet and debit cards. 

What I learned from US Bank:

• US Bank has specific procedures they follow, they require signatures on documents....I suggest dealing with your local branch instead of calling the 1-800 number. 

• US Bank does cover all fraudulent charges, but they won't do it until they have investigated it.  

• You can set up text alerts to help you monitor huge purchases or charges.  

• Make sure your virus/spyware protection is up to date on your computer.  This has been the cause of many issues. 

Bank Fraud is often not the banks fault, people are smart these days, heck they hack into government records all the time.  As a consumer it is our responsibility to watch our accounts and stand up against fraudulent behavior.