Fraud and scams remain two very pressing problems in finance. Despite numerous efforts, this type of behavior will never be eroded completely.
In the UK, various PayPal scams have cost a lot of people good money. Being the most popular way of sending money online often attracts the wrong crowd as well.
The Clever PayPal Scams
In the United Kingdom, fraudsters have proven to be very successful. A wide variety of methods are deployed every single year. One ‘staple” that always seems to work well is a scam involving PayPal. The popular online payment solution provides a high degree of convenience to senders and receivers.
It is that convenience that also makes it very appealing to criminals. In fact, crimes involving this payment platform have gone on for more than a decade. It is evident that dealing with payment methods never intended for online use remains a risk in 2020 and beyond.
Throughout 2019, UK residents lost over £1 million through this platform. That is not PayPal’s fault either. Scammers have gotten very crafty in terms of impersonation and creating a false sense of security. The period between October and December 2019 has been proven very difficult indeed.
A Growing Problem Emerges
Over 3,000 reports have been filed with ActionFraud during this period. They all pertain to fake PayPal emails. Victims often received an email claiming to originate from PayPal to verify payment for an item. Some vendors even received a follow-up email requesting a tracking number for the item they were trying to sell.
In doing so, the criminals aim to create a sense of urgency. Not every seller will check the payment first. Most consider an email from the company to be sufficient confirmation. According to ActionFraud, scammers primarily target sellers of electronics, vehicles, and furniture.
Albeit an email is never proper confirmation of a payment, PayPal has a certain reputation. As long as the email looks legitimate enough, some people will trust it. It is crucial to always check one’s account by logging in. This can be done either through the website or the mobile application.