Some PayPal account holders are receiving messages stating that if they are using their accounts to buy cryptocurrencies, their accounts will be closed.
If you’ve received this message, toss it.
It’s not from PayPal and speculation among those who are familiar with the email is that it’s based on an attempt to manipulate the prices of cryptocurrencies, especially Bitcoin.
The message states that the account has been reviewed and that it was noticed that activity involving the trade or transfer of ‘crypto currency’ has been noticed, which is in violation of PayPal’s “Acceptable Use Policy.”
Here, we’ll go over this latest crypto deception.
Spreading FUD
Here’s what the fictitious message states:
"While reviewing your account, we noticed that your activity involves the trading or transfer of crypto currency which is prohibited under our Acceptable Use Policy. As this is not permitted on the PayPal platform we ask that you cease any activity that results in the trading or transfer of crypto currency. If you continue to engage in this activity on PayPal, we’ll be unable to continue offering our services."
A theory about the origin of the emails entails a hacker (or hackers) who was able to gain database information with PayPal users’ emails. They may have also had access to cryptocurrency databases with users’ names.
The entire effort is likely to spread what is commonly known as FUD, for “fear, uncertainty, and doubt.” The less savvy person who doesn’t know about how to buy cryptos may be spoofed from buying it if they received one of these supposed PayPal emails.
In the worst case scenario, the news could go viral, causing negative headlines about the crypto. Given that we are in very volatile days right now, and negative headlines can easily cause panic selling, this kind of deceptive email could potentially slow the growth in the space.
Red flags
Here’s the actual image of the email.
After a closer look at the email, there are many red flags.
The first red flag entails the sender’s name. It’s paypal@paypal.com.
Official PayPal correspondence is from addresses:
- paypal@mail.paypayl.com
- service@paypal.com
Look at “cryptocurrency” being spelled two different ways:
- In the heading, it is cryptocurrency
- In the body of the message, it is crypto currency
Buying crypto with PayPal accounts
For the record, you can buy crypto with your PayPal account, although it may be a laborious task. We told you about the procedure last year. In that article, the author noted that while it is now possible to buy Bitcoin via PayPal, it’s challenging.
Earlier this month, we also told you about PayPal filing an application for a new technology designed to speed up its cryptocurrency payment system.
This article appeared first on Cryptovest