PayPal is one of the most popular services out there when it comes to sending and receiving money internationally. While we know that every country has their own payment services nationally, the case is different internationally.
This is the reason why a service named PayPal is popular for people who transact across borders. This also means that the company has to be best in terms of security since it is dealing with some of the best minds in the business that include hackers as well.
However, we have seen a report from CyberNews where they have revealed finding 6 new vulnerabilities in PayPal’s system. They say that these are the loopholes that PayPal needs to fix as soon as possible. But things have changed drastically as PayPal has instead punished those who found loopholes inside their system.
The report mentions that “When our analysts discovered six vulnerabilities in PayPal – ranging from dangerous exploits that can allow anyone to bypass their two-factor authentication (2FA), to being able to send malicious code through their SmartChat system – we were met with non-stop delays, unresponsive staff, and lack of appreciation. Below, we go over each vulnerability in detail and why we believe they’re so dangerous.”
The most dangerous vulnerability that this report mentions is bypassing PayPal’s 2FA authentication system. This is clearly a breach in security because people rely on 2FA methods such as OTP or codes for their safety. If even that does not work properly then there is something wrong.
PayPal responded to them saying that “there does not appear to be any security implications as a direct result of this behaviour.”. And they also cost them 5 reputation points in the process which is a metric by which the security analysts build their image in the industry. This is clearly PayPal taking things lightly but we will wait to see how things progress.