Report unauthorized use of your PayPal account immediately PayPal offers two-factor authentication as an option, and you can enable it by logging into your account settings and then clicking on the “Security” tab. It’s increasingly common to see nowadays, where banks and all manner of online services will only allow access to your accounts after you’ve provided a one-time passcode sent to your email or smartphone. While a strong and unique password is a good first line of defense, enabling two-factor authentication across your accounts will help your cause by providing an added layer of security. Moreover, changing your passwords regularly may make a stolen password worthless because it’s out of date by the time a hacker attempts to use it. Using a password manager will help you keep on top of it all, while also storing your passwords securely. Strong and unique passwords are best, which means never reusing your passwords across different sites and platforms. (As stated, PayPal will require you to do so.) And if you re-use passwords or similar passwords across accounts, changing them is a must as well. Given that passwords were involved, changing your PayPal password is a must. Change your passwords and use a password manager Given the nature of the PayPal attack, there are a few steps you can take to protect yourself in its aftermath, which involves a combination of preventative steps and some monitoring on your part. What should I do if I think my account was caught up in the PayPal attack? And yet more victims may be identified as investigations continue, leaving hackers with a relatively large window of opportunity to do harm. In the case of PayPal, the company stated that the attacks occurred between December 6 th and 8 th of 2022, and the notification sent to affected customers was dated January 18th. Thereafter, it takes yet more time for companies to investigate the attack, determine the method of entry, what was affected, and to what extent-not to mention update their security measures as needed. The activity may have occurred days, weeks, or even months before it was discovered. It takes time for companies to discover breaches and other illegal activities on their networks. What to know about the PayPal attack and other attacks like it. The email went on to say that PayPal reset the passwords of the affected accounts and will require affected users to establish a new password the next time they log in to their accounts. The personal information that was exposed could have included your name, address, Social Security number, individual tax identification number, and/or date of birth. PayPal further detailed the information exposed (emphasis ours): During this time, the unauthorized third parties were able to view, and potentially acquire, some personal information for certain PayPal users.” “Based on PayPal’s investigation to date, we believe that this unauthorized activity occurred between December 6, 2022, and December 8, 2022, when we eliminated access for unauthorized third parties. It is reported that PayPal notified users affected by this attack on January 18 th with an email since made available online. This form of attack is particularly dangerous for people who re-use passwords across their accounts, as hackers can steal a password from one account and use it to access others. Sources report, that the attack involved “credential stuffing,” where hackers gather lists of usernames and passwords sourced from the dark web or from data breaches-and then “stuff” those credentials into login systems, giving them access to those accounts. PayPal recently notified thousands of its customers that their accounts were breached by hackers, leaving their Social Security Numbers and other key pieces of personal information exposed as a result.
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