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A type of social engineering attack in which scammers impersonate PayPal representatives or other authoritative figures to trick victims into sending money or revealing sensitive information. The victim is promised a large sum of money that will be released after paying scammers a fee in advance. While PayPal scams come in different shapes and sizes, the most common angles include:

In fact, scammers are most likely to cheat customers out of money by using PayPal, according to the Better Business Bureau (BBB). With over 300 million account holders, PayPal users are compelling targets for scammers. PayPal scams include numerous different strategies and schemes that scammers use to convince PayPal users to send them their money and personal information or give them access to their accounts. In this guide, we’ll cover how PayPal scams work, show examples of the latest scams to watch out for, and explain what you should do if you’ve been scammed on PayPal. If you’re one of the millions of people who use PayPal, or if you’ve received a suspicious-looking email claiming to be from the company, you need to recognize the warning signs of a scam.

It was a scam.Įven worse, the company recently disclosed that : Close to 35,000 PayPal users had their accounts hacked by a credential-stuffing attack in January of 2023. Worried about being stuck with an unexpected bill, the user called the phone number listed on the invoice.īut it was only when the person on the phone asked to remotely access the user’s computer that it started to become clear they weren’t actually dealing with PayPal. įor one Reddit user, all it took was a couple of legitimate-looking emails claiming to be “PayPal invoices” for Bitcoin purchases that the user hadn’t authorized. Online payment fraud on platforms such as PayPal is expected to surpass $48 billion in 2023. I feel also, just unfortunately, angry at my bank for not flagging it and not having better fraud protection.PayPal scams are becoming increasingly common - and sophisticated. “I feel foolish but I don’t want anyone else to get sucked into it. Once CBS began questioning BofA about the theft, the bank said it had received new information from Friedman and refunded the money.įriedman says BofA should have additional guard rails to protect against potentially suspicious moves of cash. Then, CBS Boston says it stepped in and got Friedman’s stolen money back. The Massachusetts woman reported the fraud both to the police and to Bank of America, but her claim was denied for months. I think, one, I think it’s crazy, my initial reaction was I can’t even believe this could happen… And I don’t understand how someone can access your phone like that.” That’s when money started to leave her bank account. “So I said ok, thinking this is coming legitimately from somebody on PayPal and through the app.”įriedman then clicked a link sent to her by the voice over the phone in order to supposedly verify her account. Just before the criminal called her, Friedman says she was helping a friend with a complicated refund on PayPal, leading her to believe the call was legitimate.