PayPal Gets Stung by ‘Bad Actors,’ Shuts 4.5 Million Accounts

PayPal Holdings Inc. said it closed 4.5 million accounts and lowered its forecast for new customers after finding “bad actors”

The payments giant, which is also overhauling its marketing strategy, said it no longer expects to achieve 750 million active accounts by 2025

“We regularly assess our active account base to ensure the accounts are legitimate,”

Chief Financial Officer John Rainey said on a conference call with analysts Tuesday

“This is particularly important during incentive campaigns that can be targets for bad actors attempting to reap the benefit from these offers

The problem was disclosed along with an earnings report that fell short of Wall Street estimates,

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