PayPal ‘Credit Card Removed’ Phishing Scam [Explained]

Photo of author

Written by: Stelian Pilici

Published on:

Online scams have become increasingly sophisticated and prevalent in recent years, targeting unsuspecting individuals and organizations. One such scam that has gained traction is the PayPal ‘Credit Card Removed’ phishing scam. This article aims to provide a comprehensive overview of this scam, including what it is, how it works, what to do if you have fallen victim, technical details, and relevant statistics.

Scams

What is the PayPal ‘Credit Card Removed’ Phishing Scam?

The PayPal ‘Credit Card Removed’ phishing scam is a fraudulent scheme that targets PayPal users, attempting to trick them into revealing their personal and financial information. The scam typically involves sending phishing emails or text messages that appear to be from PayPal, informing the recipient that their credit card has been removed from their account due to suspicious activity.

The scammers use various tactics to make the emails or messages appear legitimate, often including official PayPal logos, email addresses that mimic PayPal’s official domain, and convincing language. The ultimate goal of the scam is to deceive users into clicking on a malicious link or providing their login credentials, allowing the scammers to gain unauthorized access to their PayPal accounts.

How Does the PayPal ‘Credit Card Removed’ Phishing Scam Work?

The PayPal ‘Credit Card Removed’ phishing scam typically follows a series of steps designed to deceive users and extract their sensitive information:

  1. The scammer sends a phishing email or text message to the target, posing as PayPal and claiming that their credit card has been removed from their account.
  2. The email or message often includes a sense of urgency, stating that immediate action is required to resolve the issue.
  3. The recipient is instructed to click on a link provided in the email or message to verify their account or restore their credit card.
  4. Upon clicking the link, the user is redirected to a fake PayPal login page that closely resembles the legitimate PayPal website.
  5. The user is prompted to enter their login credentials, including their email address and password.
  6. Once the user submits their information, the scammers gain access to their PayPal account and can potentially carry out unauthorized transactions or steal sensitive data.

What to Do If You Have Fallen Victim?

If you have fallen victim to the PayPal ‘Credit Card Removed’ phishing scam, it is crucial to take immediate action to minimize the potential damage:

  1. Change your PayPal password: Access your PayPal account and change your password to prevent further unauthorized access.
  2. Contact PayPal: Report the incident to PayPal’s customer support and provide them with all relevant details. They can assist you in securing your account and potentially reversing any unauthorized transactions.
  3. Monitor your accounts: Regularly monitor your financial accounts for any suspicious activity and report it to your bank or credit card company immediately.
  4. Scan for malware: Run a scan with Malwarebytes Free or another reputable antivirus software to ensure that your device is not infected with malware.
  5. Be cautious of future communications: Exercise caution when receiving emails or messages claiming to be from PayPal. Verify their authenticity by directly visiting the official PayPal website or contacting their customer support.

Technical Details of the PayPal ‘Credit Card Removed’ Phishing Scam

The PayPal ‘Credit Card Removed’ phishing scam relies on various technical tactics to deceive users and bypass security measures:

  • Email spoofing: Scammers often use email spoofing techniques to make their messages appear as if they are coming from PayPal. They manipulate the email headers to mimic PayPal’s official domain, making it difficult for users to identify the scam.
  • Phishing websites: The scammers create fake PayPal login pages that closely resemble the legitimate website. These pages are hosted on compromised or specially crafted domains, making it challenging for users to distinguish them from the real PayPal website.
  • Social engineering: The scammers employ psychological manipulation techniques to create a sense of urgency and panic in the recipients. By instilling fear of potential account compromise, they increase the likelihood of users falling for the scam.

Statistics on PayPal Phishing Scams

PayPal phishing scams, including the ‘Credit Card Removed’ variant, have been on the rise in recent years. Here are some statistics that highlight the prevalence and impact of these scams:

  • In 2020, PayPal was the second most impersonated brand in phishing attacks, accounting for 22.32% of all phishing attempts.
  • Phishing attacks targeting PayPal users increased by 69% in the first quarter of 2021 compared to the previous quarter.
  • According to the Anti-Phishing Working Group (APWG), there were over 241,324 unique phishing attacks reported in the first half of 2021, with PayPal being a popular target.
  • Approximately 47% of all phishing attacks in 2021 were aimed at stealing financial information, including PayPal login credentials.

Summary

The PayPal ‘Credit Card Removed’ phishing scam is a deceptive scheme that aims to trick PayPal users into revealing their personal and financial information. By posing as PayPal and claiming that the user’s credit card has been removed from their account, scammers attempt to gain unauthorized access to their PayPal accounts. To protect yourself from falling victim to this scam, it is crucial to remain vigilant, verify the authenticity of communications, and promptly report any suspicious activity to PayPal. By following these precautions and taking immediate action if you have fallen victim, you can minimize the potential damage caused by this phishing scam.

How to Stay Safe Online

Here are 10 basic security tips to help you avoid malware and protect your device:

  1. Use a good antivirus and keep it up-to-date.

    Shield Guide

    It's essential to use a good quality antivirus and keep it up-to-date to stay ahead of the latest cyber threats. We are huge fans of Malwarebytes Premium and use it on all of our devices, including Windows and Mac computers as well as our mobile devices. Malwarebytes sits beside your traditional antivirus, filling in any gaps in its defenses, and providing extra protection against sneakier security threats.

  2. Keep software and operating systems up-to-date.

    updates-guide

    Keep your operating system and apps up to date. Whenever an update is released for your device, download and install it right away. These updates often include security fixes, vulnerability patches, and other necessary maintenance.

  3. Be careful when installing programs and apps.

    install guide

    Pay close attention to installation screens and license agreements when installing software. Custom or advanced installation options will often disclose any third-party software that is also being installed. Take great care in every stage of the process and make sure you know what it is you're agreeing to before you click "Next."

  4. Install an ad blocker.

    Ad Blocker

    Use a browser-based content blocker, like AdGuard. Content blockers help stop malicious ads, Trojans, phishing, and other undesirable content that an antivirus product alone may not stop.

  5. Be careful what you download.

    Trojan Horse

    A top goal of cybercriminals is to trick you into downloading malware—programs or apps that carry malware or try to steal information. This malware can be disguised as an app: anything from a popular game to something that checks traffic or the weather.

  6. Be alert for people trying to trick you.

    warning sign

    Whether it's your email, phone, messenger, or other applications, always be alert and on guard for someone trying to trick you into clicking on links or replying to messages. Remember that it's easy to spoof phone numbers, so a familiar name or number doesn't make messages more trustworthy.

  7. Back up your data.

    backup sign

    Back up your data frequently and check that your backup data can be restored. You can do this manually on an external HDD/USB stick, or automatically using backup software. This is also the best way to counter ransomware. Never connect the backup drive to a computer if you suspect that the computer is infected with malware.

  8. Choose strong passwords.

    lock sign

    Use strong and unique passwords for each of your accounts. Avoid using personal information or easily guessable words in your passwords. Enable two-factor authentication (2FA) on your accounts whenever possible.

  9. Be careful where you click.

    cursor sign

    Be cautious when clicking on links or downloading attachments from unknown sources. These could potentially contain malware or phishing scams.

  10. Don't use pirated software.

    Shady Guide

    Avoid using Peer-to-Peer (P2P) file-sharing programs, keygens, cracks, and other pirated software that can often compromise your data, privacy, or both.

To avoid potential dangers on the internet, it's important to follow these 10 basic safety rules. By doing so, you can protect yourself from many of the unpleasant surprises that can arise when using the web.

Previous

Alibaba ‘Canceled Order’ Emails Scam [Explained]

Next

Barclays ‘New Secure Document’ Phishing Scam [Explained]