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PayPal Security Holes Expose Customer Card Data, Personal Details

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  • by stiggle (649614) on Friday November 02, 2012 @11:50AM (#41853751)

    Paypal Europe is a Luxembourg based Bank and regulated in the EU as such.

  • PCI, anyone? (Score:4, Interesting)

    by dkleinsc (563838) on Friday November 02, 2012 @12:55PM (#41854533) Homepage

    If Visa, Mastercard, Amex etc are treating everyone fairly, it seems like PayPal would now be due for a major smackdown courtesy of the big-name credit card networks. I'm talking about a $10^9 order of magnitude smackdown. If I recall correctly, proper compliance means certifying a bunch of stuff under penalty of perjury, which means that PayPal is not only organizationally breaking the rules but may have individuals breaking the rules as well.

    Of course, equally likely, these companies will be too worried about hurting their relationship with a big payment processor to actually do anything about it.

  • by Anonymous Coward on Friday November 02, 2012 @01:30PM (#41854989)

    You can always file a class action lawsuit. Oh. Wait.

    IANAL, but couldn't we organize as many affected people as possible to simultaneously file individual Small Claims for their maximum value (now $10,000 here in California for individuals, $5,000 for business) all over the country? How many representatives do you think PayPal can (or is willing to) send to each and every court case? The majority of people will probably win on default.

    PayPal can either pay a few million up front on a class action, or up to $10,000 per person individually. Personally, I'd rather go fro the small claims. More money for you (it's expensive to get your identity back if stolen) and potentially higher penalty for PayPal if you can get everyone to file claims. It is unlikely they'll file for bankruptcy and skimp out on the collection, and their "wages" should be adequate enough to see a lump sum.

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