European banks hit by rogue PayPal payments worth 'billions'

European banks face issues with unauthorized PayPal payments, with billions worth of direct debits causing disruptions. German banks reported millions of suspicious transactions from PayPal, leading to a temporary payment pause. PayPal's fraud-checking system failed, causing payment delays and significant impacts on European banking transactions, particularly in Germany. The incident highlights the importance of robust security measures to prevent fraudulent activities and safeguard financial transactions.