European banks affected by Rogue PayPal Payments worth “billions”

European banks have seen widespread unauthorized direct debut from PayPal, the German Savings Banks Association (DSGV) said.

German newspaper Sueddeutsche Zeitung (SZ) says payments worth 10 billion euros (8.6 billion pounds) It was necessary to block, after the PayPal Fraud Checking System failed.

It states that the payments were stopped on Monday when the lenders reported millions of suspicious direct debut firm.

DSGV confirmed the BBC, there were “incidents related to unauthorized direct debut initiated by PayPal against various credit institutions.”

BBC turned to PayPal for comments.

It said that Reuters “certain deals from our bank partners and possibly their customers” influenced the temporary interruption of the service.

“We quickly identified the reason and work closely with our bank partners to ensure that all accounts have been updated,” PayPal press said.

DSGV noted that PayPal “acknowledged the interruptions” and “assured” that he solved the problem.

“Pay operations in and with PayPal are working fine again,” the report said.

“These incidents have had a significant impact on payment operations across Europe, especially in Germany.

“The supervisory authorities were also informed about the PayPal incidents.”

PayPal seeks to filter the scams before they can get to banks through the security system.

In particular, it is aimed at fighting fake straight debuts that were created by criminals.

There are many ways they are created, but one of the typical methods is to deceive a person to convey their data, pretending to be a bank or a financial institution by phone.

According to SZ, the PayPal filter system did not work properly on Monday, which led to unproven straight debuts into banks along with the legitimate.

On Wednesday, after the report, the payment firm decreased by 1.9%.