PayPal on crime-fighting crusade as virus drives online payment surge

PayPal says it will continue to work with local law enforcement agencies to prevent its platform being used by criminals, including COVID-19 scammers, as transaction volumes surge to record levels with the pandemic accelerating growth in online payments.

During April, PayPal in Australia processed the highest number and value of transactions in its history, as active customer accounts spiked to three times pre-crisis levels. On May 1, the United States-based fintech giant recorded its biggest ever global day of transactions since it was spun out of eBay in 2015.

“Post COVID will be a very different world for e-commerce and payments,” said PayPal Australia’s new chief executive, Paul Ryan.

“We are not going back to the way things were. There is a move away from cash to digital payments, whether online or in person, and there’s an obligation on merchants to ensure they have appropriate offerings for consumers.”

Amid the record growth, Mr Ryan – who has just taken over the top job in Australia after a decade with PayPal in Europe where, most recently, he oversaw a team of 600 global financial crime investigators – said security and assisting regulators and police track cross-border crime is a core part of the company’s culture.

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Source: PayPal on crime-fighting crusade as virus drives online payment surge