UK police warn PayPal users about crypto phishing email scam

A PayPal related cryptocurrency scam caught the attention of Northumbria Police who issued a warning today especially to all PayPal users. In its notice, the police warned:

A message for all PayPal users. Please read the below cyber advice regarding fake cryptocurrency from a fake Paypal email address that is circulating. 

The police urged those had fallen for the scam to contact Action Fraud, the UK’s national scam reporting center:  

If you think you may have been affected by this please contact @actionfrauduk

In the note attached to the tweet, police found that victims receive a fake email that claims users have sent money to a cryptocurrency exchange and includes an option to cancel it. Typical of most phishing scams, the fake email contains a link that redirects to a phony PayPal webpage that steals PayPal credentials and users’ credit card information. According to the police, the fake email in circulation is being sent by cybercriminals who are targeting PayPal customers. 

Meanwhile, PayPal stated that phishing emails often led to fake or “spoof” websites in an attempt to steal data. According to its website, PayPal warned its users and said: 

These could look very unusual and not fit with what you expect from the company, or could appear very genuine – but end up having a suspicious URL in the web address bar. If you believe you’re on a spoof website, don’t enter any information.

It further recommended that users can send the fake site’s web address to PayPal’s security experts who will then examine the site and “get it to shut down,” if it’s bogus.

Last month, PayPal announced that the online payments organization was going to allow customers to buy, sell and hold BTC and other altcoins using their online wallets and that its crypto service would become available for all U.S. users by December.

Back In 2014, reports had emerged stating how a Paypal users’ account got compromised by Bitcoin hackers after which PayPal even wanted to send debt collectors to the user.