European banks hit by rogue PayPal payments worth 'billions'

The article discusses a recent issue faced by European banks, particularly in Germany, due to rogue PayPal payments. According to local media reports, German banks have reported millions of suspicious direct debits from the payment firm, amounting to billions in value. The article states that these unauthorized payments have caused significant problems for the affected banks, as they struggle to reconcile the large number of transactions and address the financial impact. The article does not provide further details on the specific nature of the rogue payments or the reasons behind them. The article suggests that this incident has highlighted the need for stronger oversight and control measures within the payments industry, particularly when it comes to protecting the interests of financial institutions and their customers. However, the article does not delve into any potential regulatory or legal actions that may be taken in response to this issue.