According to this email, which purports to be from PayPal, the company is making changes to the terms of its user agreement.
It instructs you to click a button to check your information and update your account. The email, which features the PayPal logo, has the subject line “Account Closure” along with a supposed case number.
However, the email is not from PayPal and the claim that you must click the button and update your account is untrue.
Instead, it is a phishing scam designed to trick you into giving your personal and financial information to criminals.
Clicking the button opens a fake website that looks like the real PayPal login page. After you enter your PayPal email address and password on the fake site, a bogus “account update” form will open. The form asks for your name and contact details, your credit card numbers, and other personal information.
After you complete and submit the form, you will be redirected to the real PayPal website.
The criminals can use the information you supplied to hijack your PayPal account and conduct fraudulent transactions in your name. They can also commit further fraud with your credit card and may be able to steal your identity.
PayPal phishing scams are very common and take many forms. Be wary of any email or text message that claims to be from PayPal and demands that you click a link to deal with a supposed account issue.
It is always safer to access your PayPal account by entering the address into your browser’s address bar or via an official PayPal app. Genuine PayPal emails will ALWAYS address you by name. They will NEVER use a generic greeting such as “Dear Customer”.
PayPal has information about phishing scams and how to report them on its website.
A screenshot of the scam email:
Transcript of the scam email:
To make sure you are always informed we have posted recent updates on our website.
To update your account please enter the link below and check your account information.Login Now