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PayPal users should get alert as scammers are once again impersonating PayPal and trying to trick its users into handling over access to their accounts and cash.
They are targeting for a new fraud that ask customers to “set-up their account profile”.
The American Software Security company Malwarebytes reports that PayPal users are being targeted for a new scam where users often get tricked and misled by believing that the email is authentic and it is generated by PayPal, prompting them to give their account access to the fraudsters.
The latest email campaign, alerts recipients to a new fake transaction and payment profile and urges them to take action to set up their account.
“This PayPal scam is very scary because they are not stealing your password, they’re tricking you into giving them actual account access”, says a financial expert, Michael Ryan as reported by Malwarebytes.
"Real PayPal emails always use your actual name, never 'Dear Customer' or nothing at all. And honestly, if you see some weird crypto charge, don't click anything. Just go to PayPal(dot)com directly and check your account yourself. Bottom line, when money's involved, take that extra thirty seconds to verify. Your future self will thank you," Ryan added.
In the PayPal scam, users will get an email that looks exactly like its from PayPal’s original account such as service@paypal(dot)com, but that’s a trick because the scammer has spoofed the address.
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According to Malwarebytes the fraudulent message follows as, “New Profile Charge: We have detected a new payment profile with a charge of $910.45 USD at Kraken(dot)com. To dispute, contact PayPal at (805) 500-8413. Otherwise, no action is required. PayPal accept automatic pending bill from this account. Your New PayPal Account added you to the Crypto Wallet account. Your user ID: Receipt43535e. Use this link to finish setting up your profile for this account. The link will expire in 24 hours."
While the layout of the email may appear legitimate, but you may still get alert as there are a few telltale signs that the email is a scam. Sense the urgency, that the link will expire in 24 hours, indicates that it could be from a fraudster.
Another payment alert indicates scams as $900 charge will also get customer’s attention as they hope to avoid having their funds used without their consent.
This combination of a large unexpected charge and mention of cryptocurrency is designed to cause panic and prompt immediate response from the recipient.
Moreover, the pattern also differs from real PayPal emails because it does not refer the user by name instead it offers a generic form email that can be sent to many potential victims about to get scammed.
Lastly, once the user clicks on the link they will be directed to add a secondary user their PayPal account which would then allow the scammers to use their PayPal account funds.
About PayPal, why it matters?
PayPal is an American multinational financial technology company which offers a payment system that allow users to send, receive or spend money online and manage payments linking to bank accounts, credit cards or debit cards.
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Moreover, this online financial service is available in more than 200 countries and regions with 25 currencies, allowing users to send and receive payments across borders.
Some of the major countries where PayPal is supported includes, U.S., UK, Germany, Canada, Australia, Japan, Brazil and France but its services or features may vary from country to country.
Furthermore, PayPal user scam will affect billions of users. According to the federal trade commission, hundreds of millions of people across the globe loses billions of dollars in scams every year.
As per the 2022 reports, roughly $8.8 billion was stolen due to fraud in America alone.
Additionally, over 9 million people were affected by financial scams in 2024 as reported.
