PayPal users warned about cryptocurrency fraudsters on the platform

Trend Micro researchers have warned PayPal customers about a new wave of cryptocurrency fraud — attackers impersonating PayPal operators.

A potential victim of the scam receives a fake email from the alleged payment service about the withdrawal of funds for the purchase of crypto assets. To be more convincing, fraudsters use the names of well-known cryptocurrency companies and their tokens in invoices: Terra Luna Classic, Oasis Network, Bitcoin Exchange, Stellar XLM, TrueUSD, etc. The fake debiting message contains a «customer service» phone number and phishing links to steal money and personal data. The victim is asked to contact in any convenient way to cancel the transaction.

At this stage, fraudsters try to gain access to personal information to authenticate the PayPal account and download malware. Trend Micro cybersecurity experts emphasized the need to verify any information, especially if the message is sent by email.

At the end of August, PayPal added the ability to buy, sell, and transfer cryptocurrencies through its mobile app. The service supports Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. The minimum transaction amount is $ 1. A few days ago, it was reported that PayPal would fine its customers for publicly criticizing the company. However, in a few hours, representatives of the service denied this statement.