eBay has your bank account and so does the hackers

[xblackghostxx]

    If you are a seller on eBay then you probably have your personal bank account linked to eBay. Which means they have direct access to your money plus your savings in that account (if you have over draft protection and/or can occur a negative balance). which means when(not if) a cyberattack hits eBay (if they haven't already with the march 2020 hack) then your account will be exposed and exploited. This is just one reason why I did not update the payment method from PayPal to a bank account, too much risk to do that.

    I've also been seeing that eBay has pushing my listings back where people cant find them, it went from 5k in sales down to 1k sales in a month and down to hundreds. I didn't change anything too because they were selling like hot cakes, and before this listings were on the fist page now I can't find my listing. so much for an open market. 

so to reiterate,

1. eBay isn't secure enough to have direct access to your bank accounts.

2. if you did not choose to link your bank account to eBay then they may have been quietly axing your listings.

[eleanor*rigby]

I've been hacked so many times, I've lost count. While extremely unsettling, I have never lost a penny. I finally put a total freeze on my credit through all the credit-reporting agencies so any new credit applications will be denied and I'll be alerted. Credit, debit card, and bank account protections are really good, but having new credit lines opened without one's knowledge can really be devastating. 

[vintage-car-magazines]

How is eBay having access to you bank account any different than eBay having access to you PayPal account?

Both accounts have a balance (if you choose to leave a balance) and both may have a backup funding method. I don't see the difference unless one is for online activity (PayPal) and the other has your life savings in it.

If it's the latter, I'd suggest  opening another checking account that's only for online activity and separate from your life savings or personal checking account. Heck, you can open an account online and some banks will even pay you to open a new account. I earned a $300 interest credit for opening a new account from the comfort of my chair.

[doc-holmes]

Why do some people feel PayPal and their bank are unhackable, and ebay isn't. They're all hackable. 

[nuclearomen]

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@doc-holmes wrote:

Why do some people feel PayPal and their bank are unhackable, and ebay isn't. They're all hackable. 

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that's not what anyone said, hackable yes, any site is hackable, but there is difference, big difference with hacking a website to hacking encrypted information.

[luckythewinner]

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@xblackghostxx wrote:

    If you are a seller on eBay then you probably have your personal bank account linked to eBay.

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I disagree. 

I think most sellers in Managed Payments were smart enough to start a separate checking and not link it to their personal account. 

[vintage-car-magazines]

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@luckythewinner wrote:

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@xblackghostxx wrote:

    If you are a seller on eBay then you probably have your personal bank account linked to eBay.

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I disagree. 

I think most sellers in Managed Payments were smart enough to start a separate checking and not link it to their personal account. 

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I'm beginning to wonder.

[tigergirl1]

Your post makes a lot of sense.  I've read through the main comment and many of the replies on the subjects of "eBay has your bank account and so does the hackers", and "ebay is not using PayPal anymore?".  I've noticed that almost everyone that has replied has said that they gave eBay their bank information when they joined.

When I joined eBay when it first started decades ago, I chose to make and receive payments in PayPal (before that there was another payment site but I forget the name).  So then I had to open a PayPal account and yes, they asked for my bank information but they ONLY asked for the bank transit number, internet ID number and my chequing account number.  They did NOT ask for my access card number and my password to my bank account.  So that way, no one can just go into my bank account and empty it.

What they are asking for now - social insurance number, passport number, driver's license number, bank access card number and bank password is like me going out on the sidewalk and giving a stranger my bank password and they can then go in and empty my bank account.  With those two numbers my bank computer does not know it is not me withdrawing funds.

I agree with you that opening a second chequing account with a separate access card and password is the only way to handle this.

I'm shocked that eBay would ask for information where anyone could empty my bank account.

[chapeau-noir]

There may be a different procedure for Canada, but all I had to give eBay was my routing and account number - the same thing that's on every single check that is written.  Three other sites I use, all with managed payments, have not asked for that depth of information, either.

[team_akira]

Opening another bank account just for eBay will not save you. When eBay gets hacked, they will still get access to personal info from your newly created bank account. With this info, they can steal your identity and open new lines of credit on your behalf.

[xblackghostxx]

that's negligible because you also have to give eBay your SSN and your birthdate. with those two things people can open up credit and get loans with those, yes online loans too. too much control eBay has on sellers and not enough security. fdic should not be the one to pick up what eBay has failed to cover. when eBay does get hacked I wish you the best. you will have to go trough the IRS to clear your name but even then identity thief is hard to recover from and you may still be responsible for the money that is owed. and if you don't believe me look up identity thief of new-borns and kids. they get theirs stolen all the time.

[maxine*j]

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@eleanor*rigby wrote:

I've been hacked so many times, I've lost count. While extremely unsettling, I have never lost a penny. I finally put a total freeze on my credit through all the credit-reporting agencies so any new credit applications will be denied and I'll be alerted. Credit, debit card, and bank account protections are really good, but having new credit lines opened without one's knowledge can really be devastating. 

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I just received two letters addressed to my husband.  They were both notices from my state government that two seperate applications he had made, about a month apart, for certain benefits under the covid-relief program, were denied.  His full name, the last four digits of his SSN, and the address was correct in every detail.

My husband passed away more than four years ago.  Even the dead are not safe.

=

[dugoldstuff]

Opening another bank account just for eBay will not save you. When eBay gets hacked, they will still get access to personal info from your newly created bank account. With this info, they can steal your identity and open new lines of credit on your behalf.

Exactly.

What all the MP yea-sayers keep saying is that if you're hacked, you're not going to lose any money.

But the money you have in your whatever account is NOT what the hackers want.

They want your financial identity so they can sell that info of steal money IN YOUR NAME IN THE FUTURE. Then, YOU have to clean up the mess. It can take years and you might have to hire (and pay for) a lawyer, like my dad had to when his ID was stolen.

Just take your pick of reading any news reports on the amount of pandemic money that was stolen through ID theft. It's in the billions. Folks who had no pandemic UC paid to them got 1099s saying they DID, and had to PROVE they didn't, but had their ID stolen.

So now, getting hacked is NOT all peaches and cream, despite what the MP cheerleaders say.

[dugoldstuff]

I just received two letters addressed to my husband. They were both notices from my state government that two seperate applications he had made, about a month apart, for certain benefits under the covid-relief program, were denied. His full name, the last four digits of his SSN, and the address was correct in every detail.

My husband passed away more than four years ago. Even the dead are not safe.

AGAIN, EXACTLY.

    See my post above.

    My elderly father had to PROVE he did not buy a motorcycle in the other end of the state, among other things. It took him two years and lots of attorney fees to clear his name from all the purchases that the ID thief made in his name. Oh, and don't expect law enforcement to care one wit. He had the ID thief's address, but cops in his town had no desire to go and question, let alone arrest him.

So, knock yourself out, folks! Just keep giving out your name, SSN, bank account, bank routing and, if requested, photo ID, to anyone who requests it.

[vintage-car-magazines]

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@dugoldstuff wrote:

Opening another bank account just for eBay will not save you. When eBay gets hacked, they will still get access to personal info from your newly created bank account. With this info, they can steal your identity and open new lines of credit on your behalf.

Exactly.

What all the MP yea-sayers keep saying is that if you're hacked, you're not going to lose any money.

But the money you have in your whatever account is NOT what the hackers want.

They want your financial identity so they can sell that info of steal money IN YOUR NAME IN THE FUTURE. Then, YOU have to clean up the mess. It can take years and you might have to hire (and pay for) a lawyer, like my dad had to when his ID was stolen.

Just take your pick of reading any news reports on the amount of pandemic money that was stolen through ID theft. It's in the billions. Folks who had no pandemic UC paid to them got 1099s saying they DID, and had to PROVE they didn't, but had their ID stolen.

So now, getting hacked is NOT all peaches and cream, despite what the MP cheerleaders say.

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If you've ever had a job, credit card, loan, bank account, credit report, filed a tax return, or purchased anything online, your information is already "out there". 

Anywhere can be hacked. eBay, PayPal, Equifax, Adobe, LinkedIn.... Enrolling in MP does not present a material added risk. It's a reality we live with.

[dugoldstuff]

If you've ever had a job, credit card, loan, bank account, credit report, filed a tax return, or purchased anything online, your information is already "out there".

Anywhere can be hacked. eBay, PayPal, Equifax, Adobe, LinkedIn.... Enrolling in MP does not present a material added risk. It's a reality we live with.

So then just post all your info right here.