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Financial Crime

INSIGHT: PayPal finds 4.5 Million ‘illegitimately created’ accounts as stock slumps by 25%

By Elizabeth Hearst for AMLi

Global online payment processor, PayPal, has closed 4.5 Million “illegitimately created” accounts by “bad actors”, as the company’s stock plummeted by 25% amid news its profits fell short of expectations. 

The company’s Chief Financial Officer, John Rainey revealed at the company’s earnings call for Q4 2021, that PayPal had identified the accounts and closed them immediately. 

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