04 February 2022
Written By FinTech Alliance in Fraud Detection
PayPal has said it closed 4.5m accounts which were opened by “bad actors”.
In Brief:
PayPal says a $10 incentive offer led to fraudulent accounts being set up.
Many were created by bot farms.
The firm says it continues to assess its active account base to ensure legitimacy.
What does this mean?
In an earnings call, CFO John Rainey said it’s especially important to keep assessing accounts during incentive campaigns which can be a target of fraud.
The decision, reportedly under discussion with the UK government, aligns with the UK’s efforts to attract global tech firms
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