PayPal Anti-Fraud Efforts Praised by U.S. Postal Inspectors; Collaboration Aids in Capture of Internet Fraudster

September 25, 2002
CNET.com




MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--Sept. 25, 2002--PayPal(TM), Inc. (Nasdaq:PYPL)(www.paypal.com) today announced that the U.S. Postal Inspection Service recently presented awards to members of its anti-fraud team in appreciation and recognition of their aid in the investigation of a man accused of Internet auction fraud.

San Francisco Postal Inspector Barry Mew presented PayPal fraud investigators with commemorative plaques thanking them for their "significant contribution" to the investigation and capture of Jay Nelson, of Gilsum, New Hampshire. Nelson, 34, recently pleaded guilty to charges of mail fraud, wire fraud, and money laundering for failing to deliver thousands of items he offered for sale on Internet auction sites. Nelson will be sentenced on Oct. 10.

"PayPal fraud investigators played a critical role in our ability to compile evidence against Jay Nelson," said Mew. "We appreciate their willingness to work closely with us and other law enforcement agencies."

"It's no secret that PayPal aggressively pursues people suspected of fraud in the PayPal network," said David Sacks, PayPal chief operating officer. "We have no tolerance for these people in our system and are more than happy to help law enforcement bring them to justice in any way we can."

About PayPal

PayPal enables any business or consumer with email to send and receive Internet payments securely, conveniently and cost-effectively. PayPal's network builds on the existing financial infrastructure of bank accounts and credit cards to create a global payment system. As of June 30, 2002, PayPal had 17.8 million member accounts, including

3.7 million business accounts. More than $3 billion was sent through the PayPal network in the first half of 2002.

Based in Mountain View, PayPal is available to users in 38 countries including the United States. Further information about the company can be found at www.paypal.com.

CONTACT: PayPal, Inc.
Julie Anderson, 888/337-3533
julie@paypal.com



  Back to News