7 On Your Side
PayPal to get aggressive on fraud
The current policy is somewhat of a mystery, but the bottom line is: if PayPal suspects you of fraud, they will freeze your funds for three weeks and in rare cases, up to six months.
Critics say that has left innocent people, small businesses and even charities without access to their own money. Very little is known about what triggers the action, but PayPal is now promising "aggressive changes" in a few months.
After our report in September, PayPal began meeting with Consumers Union to address the concerns. The payment processing company promised to make changes back in November.
This is the first time the company has given us any sort of timeline. Consumers Union has a meeting with PayPal scheduled for Feb. 8, 2013.
paypal, 7 on your side, michael finney
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