Thursday, May 21, 2015

PayPal Hit by $25k Fine for Fraudulence

PayPal ™
PayPal ™
A new report shows that Paypal apparently lured people into "bundle"deals with offers they not only did not order or want, but weren't even sure they were theirs! That's because PayPal has been accused of using illegal practices to coerce/force users into their Credit program - many of whom didn't even know they were using it! They also stand accused of mishandling accounts (something with which I hate to admit I am all to familiar with).

Of course there are other, similar stories that have plagued PayPal for years but they've managed to weather those storms (so far). I use PayPal  almost religiously - and have for many years. I was invited to Beta test their Bill Me Later campaign and had only one problem with it:

After working on my credit score for three years, they refused to allow me to go $6.00 over on one credit purchase - despite that fact that I had more than enough cash in my PP account to cover it! I do understand that credit companies rarely raise your limit based on such a small amount, but I had been with them for two years and never missed a payment (I usually pay a few bucks over, in fact)! Further, I wasn't even allowed to split-up the charge so I could get my things, all of which were left at the front of the store as I sagged my head, cursed beneath it, and kicked cans all the way across the asphalt soccer field. 


So I was reasonably pissed... but I got over it.

Still, this sound like a rather open-and-shut case: PayPal's guilty, they have the money to burn, and the tragic sufferers might be able to afford a meal at Taco Bell by the time they see their sliver of a settlement. I still have the feeling that this could draw-on for years... specifically with currencies like BitCoin already in-place.

The problem comes full-circle when you realize that, should PayPay fall, BitCoin will be their next target. Let's face it: These new currencies are not just "the wave of the future," they're here! And the Big Banks and Wall St. thugs whose entire lives and livelihoods are based firmly on Old Money (so to speak) aren't willing to let Progress run its course without a brawl.


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