Comment by Aachen
2 years ago
I wonder what it is that we do differently such that I never hear of these problems from natively European payment methods. E.g. the payment platform iDeal draws directly from your bank account but there is apparently no significant trade in stolen logins. What makes that not as lucrative?
Related, but not strictly the same: a week ago my IBAN (eu-wide bank account number) was used via a Paypal guest account to make payments of 580€, paying through direct debit (Lastschrift).
There is no inherent security at all. Merchants usually send you 1 cent with a 2fa code, in order to verify that you have access to the account. In my case this was not done apparently, and the scammers got their items. I was able to do something similar to a charge back, but I wonder whether the online store or PayPal will have to eat the loss.