A failure of security systems at PayPal is causing concern for German banks

14 days ago

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PayPal's security systems failed, leading to unchecked direct debits.
German banks blocked PayPal transactions, freezing over ten billion euros.
The issue affected online and retail payments across Europe.
PayPal described it as a 'temporary service disruption' and claims to have resolved it.
Consumer advocates advise checking accounts for unauthorized transactions.
PayPal is implementing a major update, but its connection to the disruption is unclear.
PayPal holds nearly 30% of the German online payment market.

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