eBay's PayPal to buy Fraud Sciences

Correction 9:30 a.m. PST: This blog initially misstated the day the deal was announced. It is Monday.

eBay company PayPal announced Monday it plans to acquire Fraud Sciences in a cash deal valued at $169 million.

Fraud Sciences, a privately held Israeli company, will lend its online risk tools and analytics to both eBay and PayPal's fraud management systems. Fraud Sciences' technology will also be baked into the companies' next-generation fraud detection tools.

Just last June, eBay was busy trying to nab fraudsters in Romania. The company said thieves were trying to lure losing bidders off the eBay site to give them the proverbial "second chance" to win the item they were bidding on.

Several months earlier, the FBI arrested a Bulgarian woman for allegedly bilking eBay users out of $350,000 for expensive goodies that they never received.

Needless to say, eBay is looking to take the Fraud Sciences technology and meld it into its plans this year to improve the trust and safety of its sites, including PayPal.

The Fraud Sciences deal is expected to close within the next 30 days.

[ebeamsales]

It's about time...

It's nice to see eBay and PayPal are beginning to take fraud seriously. I say "beginning" because up to this point, neither company would do much to help individual buyers and sellers who were scammed because it "wasn't worth it" to eBay/PayPal. I have been using PayPal and eBay since 2000 and since eBay purchased PayPal, I have seen PayPal grow especially more informal toward their users. Their customer service reps offer no help with fraud disputes, tools on their site have been inoperative for months, and PayPal can, at any time, freeze your account without warning and take your money. Don't believe me? check out www.paypalsucks.com. I am not the only one who has been scammed by PayPal.

[alenas]

Ebay is the biggest FRAUD out there

They can do whatever they want, but eBay is only going deeper and deeper into *****.
Most of the sellers on eBay are crooks, most of items on eBay are either scam or misrepresented.
I was looking for a car on eBay for a few months. In that time i submited hundreds of scam occurencies and after I finally found decent looking car, the seller was a crook anyway. The car was heavily misrepresented, and merchant stole my $1000 deposit. Seller did not return my deposit and I could not buy that junk.
I contacted eBay - they told me to talk to my bank first. Bank returned my $1000 at once. I though that everything will be fine, but after few months, bank declined my claim (saying i should contact merchant). Then I contacted eBay, but eBay does not accept claims after 30 days. So eBay just washed they hands off...And now I have to get a lawyer to get my money back.
Imagine how many people there are who lost hundreds or thousands of dollars like me - but they can not do anything?

People just avoid eBay...you will be better off.

[Hackers-Team]

eBay fraud

Will never END peoples, i am a ..... and i assure you that eBay and Paypal security is verry low and always bee untill they end as long as the =clients= exist the problems exist, why dont you put the problem in this way : if eBay and paypal let the system week so they can get extra money from the customers that lose they accounts ????
And they dont arrest anybody in Romania i assure you....., exist scammers even in US not just the Romania scams peoples, i am in buss. with a young american boy and it happy when the $$ are coming... Sorry for my English.