PayPal: Please update your account information - gHacks Tech News

PayPal: Please update your account information

PayPal users from the European Union are receiving emails these days with the subject "Additional information required by 29.9.2011".

What first looks like another phishing email is in fact a legit PayPal email.

According to PayPal, users from the European Union need to confirm account information because of a new EU law.

Users who fail to comply will have their PayPal account limited, which basically means that they wont be able to send or withdraw money from the account.

It reads:

Need further information

Dear Martin Brinkmann !

We need to confirm some of your account information or collect further information. Please complete this by 29.09.2011. If we don't receive this information in time,
PayPal is required by law to limit access to your account.

What should I do?

The next time you log in to your PayPal account you’ll be guided through a process to collect the necessary information.

Why is this required?

EU law requires financial services firms like PayPal to confirm the identity of all our customers. This is necessary to provide a safer platform for our users and to help prevent the illegal use of our services.

When you visit the PayPal website you will see the following screen after login.

paypal please update your information

The screen offers similar information and options to update the account information now or at a later time. Information provided on that page are slim. Neither the EU regulation is linked to properly for users to verify or read up on the regulation, nor is it explained what users need to update, other than that they have to identify their account type and may be required to upload documents to PayPal.

A click on Update Now loads a screen where users are asked to verify their ownership type. Available for selection are:

  • A private account suits any individual operating outside of a company, business or profession.If you’re a non-registered partnership, you’ll need to select business account for sole proprietor.
  • A sole proprietor What's this?A business account for sole proprietors suits any individual operating a business where there is no legal distinction between the owner and the business. A sole proprietor may also use a business name other than his or her legal name.
  • Any other type of business, charity, or government entity What's this?

please confirm your account information

Once you have confirmed your selection my checking "Yes, the information above is correct" you are taken to the next screen. This screen depends largely on the selection. My choice of "sole proprietor" for instance completed the process immediately. I was greeted with a "You've finished providing the information we needed" page and did not need to upload data or add other information to my account.

PayPal users can repeat the process on that screen, for instance if they made a mistake.

paypal account information

A click on the continue button loads the PayPal account interface.

Have you received please update your account information emails from PayPal? Did you already fill out the information on the PayPal website? If so, share your experience with us in the comments.

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Comments

  1. bastik said on July 2, 2011 at 11:48 am
    Reply

    I haven’t got any mail from PayPal.

    After I logged in, everything was as usual. Well I just use PayPal only for paying/donating when it’s not possible otherwise. My account would be closed already if there would be something to replace it. I’m not receiving any money just spending it, that might be a reason why I did not receive any mail.

    Indeed it looks like SPAM and while most SPAM contains “Dear customer” and maybe some spelling mistakes this would have make me feel like one broke into PayPal and stole personal information, because it actually contains my name.

  2. creezalird said on July 2, 2011 at 11:52 pm
    Reply

    this sounds really fishy…i’ve just logged in into mine (germany), but nothing such as this even i don’t received any email from Paypal regarding this.

    1. Martin Brinkmann said on July 3, 2011 at 9:31 am
      Reply

      Maybe they are only sending those emails to users with a certain volume of payments, or they are sending out the emails in batches. No idea really. But I went to the PayPal site manually and logged in, so I knew it was the real site and not a phishing site. And I’m using the security token during login for increased security which phishing sites do not have.

  3. Philip Cohen said on July 3, 2011 at 8:22 am
    Reply

    What! Confirm who I am? Who does this PreyPal mob think they are, a prudentially-regulated “bank”? What a shame, after all these years, I’ll just have to take my money laundering business elsewhere. What a bummer. … But, hang on, this letter is apparently only addressed to PreyPal users in the EU. Whew, that’s a relief, I can carry on as usual in the US.

  4. skykid said on July 4, 2011 at 12:27 am
    Reply

    No such notification in my account as well. I do think this message looks quite suspicious . For such thing Pay Pal would have done a press release or more media buzz.

  5. greg said on January 9, 2012 at 9:02 am
    Reply

    I have a paypal premier account and i received exact the same message with different date.
    but my question is, should i choose “private account’ or sole propriator?
    i have upgraded to premier 3 years ago…
    i’m an individual seller and i sell old collectible cards.

  6. Craig Yarbles said on March 14, 2012 at 11:12 pm
    Reply

    I have had this email and on logging in (not from a link) the screens above, I clicked private account but then it asked me to give the two small amounts paid into my account by paypal in 2006. The bank name is wrong and I already did this in 2006, does anyone know how to figure for sure if it’s genuine?

  7. David said on March 17, 2012 at 8:05 am
    Reply

    Send it to spoof@paypal.com (or local paypal such as .co.uk.
    You will receive a reply telling you if its genuine or not within a short time.
    Also if you go onto Paypals site the secure site ‘lock’ will be shown at end of address bar
    Do not link to Paypal via the email, log on normally.

  8. Philip Cohen said on March 17, 2012 at 8:55 am
    Reply

    Yeah, just for fun, I once sent a genuine PayPal message to spoof@PayPal and got the reply that yes, it was a spoof. …

  9. A. Dodson said on August 8, 2012 at 11:53 am
    Reply

    Received the following even though I don’t have a PayPal account:

    From: PayPal (PayPal@rootinsidepaypaallupdates.com)
    Sent: Fri 8/03/12 9:22 AM
    To: PayPal (PayPal@rootinsidepaypaallupdates.com)

    (Legit looking PayPal header image)

    We need to confirm some of your account information or collect further information. Please complete this by 4.08.2012. If we don’t receive this information in time,

    PayPal is required by law to limit access to your account.
    What should I do?
    Please follow the link below and login to your account and renew your account information

    Why is this required?
    US law requires financial services firms like PayPal to confirm the identity of all our customers. This is necessary to provide a safer platform for our users and to help prevent the illegal use of our services.

    We apologize for any inconvenience this may cause and appreciate your assistance in helping us maintain the integrity of the entire PayPal system. Thank you for your prompt attention to this matter.

    Thank you for using PayPal!
    PayPal Support

    1. Lindas9701 said on June 4, 2015 at 8:25 am
      Reply

      I was sent an email to look into my Paypal account. Something looks suspicious.
      Please answer back as to what I am to do. This is the second time I have had other
      people hack into my account, if that is the problem.
      I cannot log in tonight for some reason. Please Help

  10. james smith said on May 11, 2016 at 4:02 pm
    Reply

    I was sent verification code 396527 but i still can not get to place to change pass word

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