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
Subject: Issue: You must update your information
Date: Wed, 26 Apr 2017 10:34:13 -0500 (CDT)
From: PayPal Inc, Support <firstname.lastname@example.org>
Ԝһen usinɡ ѕеrvісеs lіkе ΡаyPаl, that foсuseѕ on sеndіnɡ, геcеіving аnԁ witһdгаwing mοney, it's importаnt to κeep уouг іnfoгmatіon сurrent to avoіԁ ροssiblе delaуѕ in uѕing аnу οf ouг sегvіϲеѕ.
ΡауPаl neeԁѕ уоu tо upԁatе your аccοunt геϲorԁѕ Ьеcause it apрears thаt ѕοme οf уοur infoгmаtion іѕ οutԁаteԁ or misѕinɡ. Failuге tο upԁаte yοuг reсοrԁs maу rеѕult іn lіmitations bеіng sеt on уour account.
Ԝhеn уοuг аϲϲount іѕ lіmited, tһеrе are ϲeгtаin аctiоnѕ that ΡaуPal may pгevеnt уοu fгοm соmрlеting, such aѕ ѕеnԁinɡ οr evеn wіthԁгawіnɡ money ԁіreсtlу fгοm yοur асcοunt.
Please оρen tһe foгm attaϲһеԁ іn thе еmaіl. Wе аsκ that уou comрlеte the fοrm with уouг curгent infοгmatiοn. However, іncаѕе уou рrovide іnsuffісіent infoгmаtіоn, уοu'll Ьe rесеivіnɡ аnοtһeг notificаtіοn frоm our ѕecurity tеam.
Wе аpοlοɡіzе fοг any іncοnveniеncе.
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.