$11 billion PayPal payments stopped over scam concerns; company says: ‘We quickly identified…’

German banks blocked over 10 billion euros in PayPal payments due to a surge in fraudulent direct debits. PayPal’s security system experienced a disruption, leading to unvetted payments being processed. While the issue has been resolved, it significantly impacted payment transactions across Europe, particularly in Germany, prompting regulatory scrutiny and a drop in PayPal’s stock value.