VW CEO’s PayPal Hacked, Possible Link To eBay Breach

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In case you’re one of those who believed your PayPal and eBay accounts were safe after the recent compromise of eBay’s database, this is a tale of caution. It’s also a question for eBay Inc (NASDAQ:EBAY), which has said repeatedly that the recent hack of its database did not compromise PayPal user information. Although the company itself continues to officially say no PayPal accounts were compromised due to the database breach, a security department representative told us that this hack could have been a result of that breach.

ValueWalk CEO’s PayPal hacked

Unfortunately someone hacked the PayPal account of our own CEO, Jacob Wolinsky. Thankfully, PayPal is in the process of putting things back in order, but it does raise some questions and concerns about the recent breach of eBay Inc (NASDAQ:EBAY)’s database.

The hacker changed his address and initiated four unauthorized transfers from his bank account. The hacker also changed his security questions and answers, possibly in an attempt to lock him out of his own PayPal account. Thankfully PayPal sent him an email saying that they had been changed, which alerted him to the problem.

The transfer of funds is a major cause of concern, particularly if the intent was to get money into the PayPal account so the hacker could spend it. Jacob is unsure if his eBay Inc (NASDAQ:EBAY) and PayPal passwords were the same, but he thinks they were. If so, then we’re wondering whether the hack of his account is related to breach of eBay’s database.

First PayPal hack related to eBay breach?

As it turns out, the timing of the hack lines up just about right with the eBay breach, as the first unauthorized transfer was dated May 23. eBay’s messages to users say that if they changed their passwords on May 21 or after, their accounts are safe.

The company continues to deny that the eBay breach earlier this month resulted in any compromise to PayPal accounts. A PayPal spokesperson emailed ValueWalk this response after we contacted them to find out if the hack of Jacob’s account could have been related to the eBay breach:

“eBay has no evidence of unauthorized access or compromises to personal or financial information for users of PayPal.  PayPal data is stored separately on a secure network, and all PayPal financial information is encrypted. In addition to asking users to reset passwords, eBay Inc. said it encourages any eBay user who used the same password on other sites to change those, too.”

Of course, there’s also the chance that this was an isolated incident. It’s not uncommon for people’s accounts to be hacked. This time they just managed to hit up the CEO of a high-traffic website. But either way, it’s a warning to everyone who uses eBay Inc (NASDAQ:EBAY) and PayPal to change their passwords on both accounts—just in case.

One representative for PayPal initially told Jacob that the hack on his account wasn’t related to the eBay breach. However, a representative in the company’s security department told him that if the passwords on both his eBay and PayPal accounts were the same, the hack on his account could indeed have been related. Jacob also notes that ValueWalk’s corporate PayPal account was not compromised, but there is no eBay account associated with it and the password was different than that of his personal account.

eBay, PayPal say accounts not compromised

You’ve probably already seen numerous statements from eBay Inc (NASDAQ:EBAY) and PayPal stating that its customers’ information was not compromised in the eBay breach. For example, here:

Here:

And here:

But this calls all those statements into question.

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About the Author

Michelle Jones
Michelle Jones was a television news producer for eight years. She produced the morning news programs for the NBC affiliates in Evansville, Indiana and Huntsville, Alabama and spent a short time at the CBS affiliate in Huntsville. She has experience as a writer and public relations expert for a wide variety of businesses. Michelle has been with ValueWalk since 2012 and is now our editor-in-chief. Email her at Mjones@valuewalk.com.

8 Comments on "VW CEO’s PayPal Hacked, Possible Link To eBay Breach"

  1. I got robbed by paypal | Nov 19, 2014, 6:16 am at 6:16 am |

    The end of June 2014 I got hacked on PayPal so all was suppose to be shut down PayPal did not so the where do direct wires and echecks out of my bank account to PayPal.. Investigate a joke .. So it’s oct 30tb and this shit happens again to use through PayPal . We did previous change bank account and so on and some how my husband info was used and we know for a fact that PayPal aware the only company that would have the info to get into my bank or bank name. PayPal does do anything to help the person that was robbed . PayPal needs to be shut down for good

  2. Paulo Orquillo | Jul 7, 2014, 8:26 am at 8:26 am |

    my paypal got hacked yesterday. based on the email notifications, they managed to change the security question, changed my password, added a new email and made it primary locking me out of my own account. Im still in contact with paypal support at the moment and has not been resolved

  3. thomas nearhoof | Jun 2, 2014, 3:34 pm at 3:34 pm |

    My paypal account was also compromised,E-BAY ARE MISLEADING ALL there was an attempt to withdraw 3000.00 from the checking account linked to paypal. Due to their not being that much in there,they could not process, but they will charge me 39.00 for insufficient funds. Going to attempt to get this from pay-pal, wish me luck.

  4. Jess AngelHealing | May 30, 2014, 12:06 pm at 12:06 pm |

    just found out my paypal account has an unauthorised transaction earlier today. thank god i got up at 5:00 am this morning and checked the email to find out. i thought about my ebay account, too…… as i was using the same passwords for both paypal and ebay. i haven’t used ebay for a least a year but now the hacker has changed my email account and the telephone number associated with my ebay account. i.e. i cannot change my password. i guess i have to give up on that account and open a new one. but i hope paypal can investigate my claim on the fraudulent transaction and to give me a refund soon.

  5. Of course opening a second bank account and not keeping very much in the original bank account that you have associated with your PayPal account will also prevent hackers from accessing your account, (or for that matter, PayPal or eBay from yanking unwarranted refunds from that account). That’s why it’s so important to always transfer funds out of your PayPal account and the bank account associated with it AS QUICKLY AS POSSIBLE…

  6. Nonsense. The only way someone might have hacked your paypal account is with a phishing email. Just like when people ring at your door, you should carefully check who is it before opening the door (remember the Three Little Pigs? https://www.youtube.com/watch?v=Olo923T2HQ4).
    So next time you receive an email asking you to enter your paypal credentials, trash it or mark it as phishing and check paypal.com instead.

  7. my ebay wasnt affected but my paypal was

  8. Someone also hack my paypal account.

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