PayPal has been around since 1998, and since then, it has been everyone’s preferred payment method. Even with various other payment systems popping up over the years, it’s still one of the most popular. From freelancing to shopping, PayPal has always been the preferred choice for many people. Apart from sending and receiving money, it also includes features like seller protection, discounts, rewards, and more. All in all, PayPal’s popularity is the reason why it’s come along so far.
Despite its wide usage and popularity, PayPal is still susceptible to being misused by hackers and scammers alike. It’s 2023 and the hackers have still found ways to step up their game.
There are different scams in place that attempt to steal money and financial information from PayPal users. This is what we will be exploring in this article; the different ways that you can get scammed for your PayPal information by hackers and scammers.
How to Keep Safe From PayPal Scams?
There are ways you can try to keep yourself safe from such scams:
- Always make transactions via the PayPal website or app. Make sure the request for payment is legitimate.
- Never click on any links on any unexpected messages from PayPal.
- If you see any typos or incorrect grammar in text messages or emails from PayPal, it’s definitely not from PayPal. Because the most popular payment system in the world has tons of professional writers at their disposal who wouldn’t make those mistakes.
- Never share your PayPal account information i.e. passwords, bank account, payment card information, etc. with anyone over email or phone.
- Make sure you are connected to a secure internet connection. If you are looking for one, go through LocalCableDeals to find one in your locality.
Moving on, let’s learn how to spot PayPal scams so that you can keep your personal information safe.
6 Common PayPal Scams You Should Be Aware Of
Fortunately, there are some common themes you can find that makes it easy for you to identify when you are being scammed, and those have been listed below;
Order Confirmation Scam
In this scenario, scammers create a fake or spoofed email address that appears to be from PayPal (even though it’s actually not). Then they send you an email that looks like a confirmation message for a recent purchase you have made supposedly, along with a link. The message asks you to check the status of your order by clicking on the given link.
If you don’t already know, clicking on the link may lead you to a page that automatically installs the virus into your computer system, or just may download the virus directly into the system.
Fake Fraud Alert Scam
You also should be wary of unsolicited text messages or fraud alert notifications from scammers that pretend to be from PayPal.
These messages may warn you that someone is trying to access your PayPal account, and ask you to click on the given link. Again clicking on the link may download malware into your device that allows the hacker to spy on your phone.
PayPal does send text messages about one-time login or two-factor authentication codes, but receiving a fraud alert unexpectedly makes it a scam.
Password Reset Request Scam
This is an obvious scam: receiving a password reset request.
You are the only one who has access to your PayPal account, which is why only you can send a request for a password reset of your PayPal account. Ignore the link you receive in any such text message or email.
Everyday PayPal users aren’t the only ones who are the victims of PayPal scams; the scammers target sellers and retailers through PayPal too.
For instance, a scammer may overpay for an item using a fake or stolen credit card and then ask the seller to return the overpaid amount, to a different account from the one they initially made payment from.
Once they get their money back from the seller, the scammer may then contact PayPal to cancel the original transaction, depriving the seller of his payment for that item. The seller will then be left with neither the paid amount nor the item.
Fake Charities Scam
Some PayPal scammers may ask users to send donations to their accounts for charities that don’t even exist.
They may create a fake webpage for a phony organization, then contact PayPal users and ask them for donations through PayPal. Then they may share fake confirmation emails or receipts to make it seem like the transaction you did was legitimate. Even though they just robbed you.
Be wary not to fall for fake charity pages, no matter how convincing they seem. Do proper research on them before making any transactions through your PayPal account.
Since there are around 200 million users who have an active PayPal account, it makes for an attractive target for scammers. However, PayPal users aren’t the only ones facing such a threat; users of Cash App, Venmo, OfferUp, and Zelle have also reported of being scammed.
That doesn’t mean you should just avoid making accounts on these payment systems. Rather you should educate yourself about the different types of scams so that you can identify and avoid them.