Digital payment giant, PayPal is an American organization operating a global online payments system to provide support for transferring money online and simultaneously it helps in reducing the traditional paperwork such as cheques and money orders. The firm functions as a payment processor for online vendors, auction sites, and many other commercial users. The company charges a fee in return for benefits such as one-click transactions and password memory. PayPal’s payment system, also called PayPal, is considered a type of payment rail.
As per the reports published by United States Patent and Trademark Office (USPTO) on April 16, PayPal Holdings, Inc. has been able to successfully acquire the patent which will safeguard its crypto users from ransomware.
The patent (dubbed as Techniques for ransomware detection and mitigation) acquired by PayPal will enhance the ransomware detection and prohibits the locking up users’ access to their files. According to the company, ransomware is a malicious software which encrypts the actual details and deletes the non-encrypted data.
This patent will allow PayPal to compare the first copy and second copy of the original data present in the cache and identifies whether the modifications represent the encrypted form of the information.
The documents further state that the users who execute one-way transactions such as small businessmen and the end users can prevent the data loss by switching the backup mode on. But sometimes although the backup mode is on the data can be attacked by ransomware by overwriting the factual information.
PayPal added that if the malicious software, i.e. ransomware is tracked down timely then recovering the most of the data in its original format will become a lot more easy process and the damage caused would also be less.
The online payment platform, PayPal initially filed the USPTO patent application in the year 2016, and the same was registered last year by the concern to in order to enhance the “speed” of crypto payments with the intent to lessen the time lag in payment between the end users and the merchants.