Paypal Scam: How to Protect Yourself...

PayPal, a popular online payment platform, isn't immune to fraud. With an annual turnover of nearly $28 billion, it's a prime target for scammers. They use various tactics like overpayment scams, fake shipping schemes, and phishing.

In overpayment scams, fraudsters send more money than required and ask for a refund outside PayPal. If the seller complies, the original transfer can be withdrawn, resulting in loss.

Fake shipping schemes involve scammers offering to pay for hefty shipping costs, sending a fake PayPal receipt, and requesting the seller to pay the shipping company. However, the company is fake, and the scammer disappears with the money.

Phishing is another common method where fake emails or websites imitating PayPal are used to trick users into revealing login details or credit card information.

To protect against these scams, avoid responding to suspicious emails, be cautious of urgent requests, and refrain from clicking on unfamiliar links or attachments. Using two-factor authentication adds an extra layer of security. Additionally, be aware that while the "Friends and Family" payment option is fee-free, it lacks the buyer and seller protection offered by the "Goods and Services" option, making it riskier for transactions, especially in private sales or classified ads.