Get the latest tech news
European banks hit by rogue PayPal payments worth 'billions'
Local media said German lenders had reported millions of suspicious direct debits from the payment firm.
The German newspaper Sueddeutsche Zeitung (SZ) says payments worth in the region of 10 billion euros (£8.6bn)have had to be blocked, after PayPal's fraud-checking system failed. There are many ways they are set up, but one typical method is tricking a person into handing over their details by pretending to be a bank or financial institution by phone. According to SZ, PayPal's filter system did not work properly on Monday, resulting in unchecked direct debits being sent to banks alongside legitimate ones.
Or read this on BBC News