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In the process, the fraudsters may also collect personal information about you (name, address, phone number, driver’s license number, social security number, etc.) to use for identity theft later. The only catch is that you have to pay the shipping, taxes, or fees, and then your money will be delivered to you without haste. You receive an email claiming you won an absurd amount of money or a huge prize. There are many variations of this one, some linked to “Nigerian Prince” or 419 scams, but either way, the result is the same. Some of the most common scams through PayPal are: Advance Fee PayPal Scams

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Sometimes they want your username and password other times, they simply get you to pay for things you never wanted. Everyone is at risk, including businesses, self-employed persons, and even individuals who only use PayPal for personal payments. The scammer’s goal is to bilk money or personal information out of people. This makes it harder to distinguish legitimate communications from cyber threats. This allows criminals to study the platform’s style and tone and recreate it in their scams. Since PayPal frequently sends out emails and text messages to its users. PayPal is well known, so that makes it easier for scammers to trick unsuspecting customers using phishing emails, malicious websites, fake social media ads, and spoofed links. PayPal, although very popular, is not the most secure payment service around. That is a huge customer list providing plenty of targets for scammers on PayPal. As of today, there are more than 360 million people with PayPal accounts across 200+ countries.

In 2005, PayPal acquired VeriSign to add to its e-commerce platform and provide security and confidence to its products and services. By 2018, PayPal ranked 222nd on the Fortune 500 of the largest United States corporations by revenue.Īll sales and purchases made through eBay go through PayPal. After its IPO in 2002, it became a wholly owned subsidiary of eBay, the community marketplace. PayPal was founded in 1998 by Max Levchin, Peter Thiel, Luke Nosek, Ken Howery Yu Pan, and Russel Simmons, and was originally called Confinity. By making purchases through PayPal, users avoid the dangerous act of giving their credit card or bank numbers to every site they shop at. PayPal operates as an intermediary between participating businesses and banks. The platform’s reach and trustworthiness also make its users enticing targets for PayPal scams and fraud. Many online vendors allow payments through PayPal. Nearly everyone has heard of PayPal and has used it at least once to receive or make a payment. PayPal is one of the top digital currency exchanges in the world.

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