Below is a sample of a PayPal phishing scam used by cyber criminals to trick PayPal users into clicking on a link in it that goes to a fake PayPal website that steals PayPal account credentials.
A Sample of a Phishing PayPal Email
From: PayPal firstname.lastname@example.org
Sent: Tuesday, 14 March 2017 1:31 PM
Subject: [Please Note]: You have 1 report
You have 1 report
Verify information & credit card now to upgrade your account to a premium plan to ensure you don't miss out on any reports.
The PayPal Team.
Good luck! Hope it works.
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Once cybercriminals have stolen their potential victims’ account credentials, they will hijack their accounts and use them fraudulently. They will steal the account owners’ money and use the accounts to launder money that will be traced back to the owners.
PayPal users can help protect themselves against phishing scams by enabling Two Factor Authentication (2FA). This is a PayPal Security Key that gives PayPal users a second authentication factor when they are logging in to your account. In addition to their password, they enter a One-Time Pin (OTP) that is unique for each login. These two factors give PayPal users a stronger account security. The PayPal Security Key sends PayPal users a temporary security code via SMS that they enter in addition their password when they log into their PayPal accounts. With Two Factor Authentication, even if PayPal users' account credentials get stolen, the cyber criminals will not be able to gain access to their accounts, because they will need a temporary security key that will be sent to the PayPal users' cellphone.