eBay’s PayPal unit reassured customers about the security of its own payment service following a data breach at retail chain store Target. The retailer had discovered malware on its point-of-sale systems and warned customers who shopped at Target store between Nov. 27 and Dec. 15 to watch for any suspicious or unusual activity on their credit or debit card accounts used while shopping in the store (not online).
Tomer Barel, Chief Risk Officer at PayPal, said in a blog post that hearing about the breach made him consider how sharing personal information benefits him – “There’s so much added convenience in paying our bills at any hour of the day/night and getting in and out of checkout lines with greater speed and ease.”
But, he said, the foundation of trust consumers have in sharing information with retailers is periodically shaken with such events. “If we didn’t have trust at PayPal, we simply wouldn’t be in business,” Barel wrote, “So, with every service, product, technology, and process we create, we always place importance on one capability in particular: protecting your financial information and data.”
The security chief pointed out that PayPal doesn’t share financial information with merchants. “All of your financial information – including your credit card numbers – is encrypted and securely stored on PayPal’s servers so that it’s less likely to be accessed by the wrong people.”
Barel also said PayPal has sophisticated fraud detection systems and fraud specialists. “We want you to buy with ease and know we have your back. In the event that you ever do notice an unauthorized charge on your account, as soon as you notify us, we’ll immediately secure your account and launch an investigation through our Buyer Protection service.”
PayPal used the blog post to reassure users about its security measures and to tell them it has a policy in place to protect users from unauthorized transactions.
For shoppers who have questions about the breach at Target, the retailer published a set of FAQs on the Target website.
