When money is involved, fraudsters are not far away, and this is especially true for the online payment portal, PayPal. Criminals use sophisticated scams to try and make a quick buck at the expense of innocent users. PayPal’s annual turnover was almost 28 billion dollars in 2022, making it an attractive target for crooks. To avoid falling victim to scammers, it is important to be aware of the most common PayPal fraud methods and follow a few simple rules.
Scammers use various methods to obtain sensitive data or gain control of user accounts, including phishing, fake invoices, hijacked accounts, and the manipulation of shipping addresses. Some typical methods used by scammers include customers paying too much via PayPal and then asking for a refund through bank transfer. In another scam, fraudulent buyers suggest having large goods delivered by a non-existent shipping company and provide sellers with fake transfer receipts.
To protect against phishing, it is important not to click on suspicious links in emails or messages, and not to open dubious attachments. Two-factor identification can also provide protection against phishing attempts.
It is also important to be cautious about using the “Friends and Family” payment option, as payments made through this method cannot be easily reclaimed.
To protect sensitive data and assets, users should observe a few simple rules when using PayPal. It is important to use PayPal’s buyer and seller protection, and to report suspicious messages or emails to PayPal directly. Users should also be cautious about generic spellings, bad English, false urgency, and requests for personal data in emails, as these are often red flags for potential scams.
In addition, it is crucial to use a strong password when accessing PayPal or any other online platform. Good passwords should have at least 12 characters, and users are encouraged to use a password manager to keep their accounts secure.