PayPal outages: German banks stopped SEPA debits

At the start of the week PayPal experienced problems. According to the Süddeutsche Zeitung, a failure in important PayPal security systems led several German banks to stop execution of SEPA direct debits worth billions. The trigger was reportedly an unusually large number of transactions within a short period on Monday, which raised risk flags and prompted banks to block payments.

Key points:

• Security-system failure at PayPal affected payment processing.
• German banks paused SEPA direct debits totalling billions to prevent potential fraud or errors.
• The incident was traced to an unusually high volume of transactions on Monday.

Source: Süddeutsche Zeitung — Read more

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