How the scam works?
The victim is sent an e-mail message (see below), which looks and appears as if it was sent from Paypal, asking to update their information or their account will be suspended.
If the victim clicks on any of the links in the e-mail message, he/she will be redirected to a fake Paypal login page. This page looks exactly like the legit Paypal login page. If the victim enters his/her username and password, it will be sent to the scammers.
With the victim's login information, these scammers can login to their Paypal account and transfer money from your account or use it to carry out other malicious activities.
Here is the fake Paypal e-mail message:
Dear PayPal Customer,
It has come to our attention that your PayPal account information needs to be updated as part of our continuing commitment to protect your account and to reduce the instance of fraud on our website. If you could take 5-10 minutes out of your online experience and update your personal records you will not run into any future problems with the online service.
However, failure to update your records will result in account suspension.
Once you have updated your account records, your PayPal session will not be interrupted and will continue as normal.
To login to your PayPal account and update your records click on the following link:
The PayPal Team
Fake Paypal login page