Are Your PayPal Privacy Settings Leaving You Vulnerable?
PayPal is one of the most popular payment apps. It’s used all over the world and allows families, friends, and businesses to exchange money for products or services securely. But don’t think this means you don’t have to worry about privacy.
While PayPal is committed to protecting the privacy of their users and they work hard to keep transactions private and secure, there are still a few facts you should know about. If you’re uncomfortable with how PayPal is handling your data, you should take advantage of our tips on PayPal privacy settings below.
What Information Does PayPal Have?
If you’ve had a PayPal account for some time, you might not remember what type of information you provided the service. To see your basic information, click on the settings icon in the top right-hand corner of your screen after logging in.
The first screen that comes up will show you your name, the year you joined, your unique PayPal URL, your preferred language, and all listed forms of contact, including phone numbers and emails. You’ll also notice more critical information like your social security number, though only the last two numbers should be visible.
On the main screen, you’ll see all your payment sources, which could include bank accounts, debit cards, or credit cards. When you’re looking at all your personal information at once, it’s easy to see why it’s important to manage your PayPal privacy settings.
What Are They Going to Do with It?
PayPal collects information when you visit their site or use the service. This could include your registration information, as listed above, your transaction information, and even the personal information of those on the other side of your transactions.
This data is retained, even after you close your account. Your personal data may be shared with members of the PayPal corporate family, other companies that provide joint services with PayPal, and financial institutions for joint marketing purposes. Information may also be shared with other parties such as other users or merchants during the transaction process.
When dealing with apps like PayPal, it can be nearly impossible to use the services without sharing your name, bank account information, and other relevant pieces of data needed to complete a transaction. But the good news is that there are privacy choices available to you.
How To Protect Your Privacy on PayPal
Here are your privacy options as provided by PayPal in their Privacy Statement.
You have the right to decline certain personal data points as requested by PayPal. However, doing so could mean certain services (or all) will not be available to use.
Depending on the device you’re using, geolocation information may be collected when using PayPal, which can then be collected by the app. If you want to restrict the sharing of your locational information, you’ll need to adjust the settings on your device.
PayPal tracks data and uses it for interest-based advertising, both through the service and third-party advertising. You can choose to opt-out of third-party advertising related cookies.
Additional Security & Privacy Tips
Protecting your privacy on PayPal is more difficult than other apps and services due to the personal data required for financial transactions. But there are a few additional measures you can take to protect yourself as much as possible.
- Use a strong password and never share it with anyone.
- Only complete transactions on a secure wi-fi service.
- If you ever notice suspicious activity, report it immediately. If you have money stored in your PayPal account, move it to an outside account as soon as possible.
PayPal makes the world a bit smaller and easier to conduct business with. But this doesn’t mean you need to leave yourself (and your bank account) vulnerable. Protect your privacy on PayPal by limiting the data you give out, routinely checking your PayPal privacy settings, and only taking part in safe and smart transactions.