Watch out! PayPal + Bitcoin = scams galore

Maximum Vigilance Required

As feared, as soon as PayPal announced that it would be offering Bitcoin and some cryptos to its users, scammers tried to take advantage of it. Attempts to exploit this innovation by scam artists are on the rise, prompting some law enforcement agencies to react and prevent it.
Fake e-mails, real data theft

It’s been less than 3 weeks since the digital payment giant PayPal announced that it was integrating The News Spy, Ethereum (ETH), Litecoin (LTC) and Bitcoin cash (BCH) into the accounts of its US users.

However, in the meantime, cases of scams related to this news have already been reported to law enforcement agencies, so much so that the Northumbria Police Department (in the north of England), published an official statement on the subject on Twitter :

„A message for all PayPal users. Please read the cyber tips below regarding fake cryptography from a fake PayPal email address that is circulating. If you think you have been affected by this issue, please contact @actionfrauduk. »

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

A classic phishing technique

As detailed in the warning message from the English police, the scam consists of a phishing e-mail imitating PayPal. The latter claims that the victim would have a payment in cryptomoney pending from „Cryptocurrency Exchange LLC“.

Obviously, the link in this e-mail leads to nothing more than a fraudulent copy of the PayPal site. The goal being, either to recover the identifiers of the PayPal account of the victim, or to extract his credit card data.

In this situation, one should not only ignore the e-mail, but also report it. This can be done either directly through the e-mail service when it has this feature, or by forwarding the e-mail to an address dedicated to phishing scams.

You should always keep this good reflex (even more so in the cryptosphere). When an e-mail of this type falls right at the moment of a hot topic, it is usually a very bad sign. This was the case with the swindlers exploiting the Covid-19 crisis, and then the news from PayPal about cryptos today. Keep your eyes open!