Northumbria Police caught a PayPal related cryptocurrency scam and issued a warning today specifically to PayPal users stating:
The police have urged those who have fallen for the scam and to contact Action Fraud, UK’s national scam reporting center:
In the note that came with the tweet, police found that victims received a fake email claiming that users have sent money to a crypto exchange and include an option to cancel it. Most phishing scams have a fake email that contains a link redirecting to a suspicious PayPal webpage that steals PayPal credentials and consumer’s credit card information. Police state that the fake email in circulation is sent by cybercriminals who target PayPal customers.
PayPal stated that the phishing emails have often led to fake or “spoof” websites trying to steal data. On its website, PayPal warned its users, stating:
It is recommended that users send the fake site’s web address to PayPal’s security experts, who will later examine the site and shut it down if it is bogus.
Last October, PayPal announced that it would allow customers to buy, sell, and hold BTC and other altcoins with their online wallets and that the crypto service will be available for US users by December.
In 2014, reports emerged saying how PayPal users’ accounts got compromised by Bitcoin hackers, and after that, PayPal wanted to send debt collectors to the user.