PayPal red alert: Warning issued over surge in scams following new cyber attack campaign, what you need to do

According to McAfee Labs, there has been a 600 percent increase in PayPal-related scams since the beginning of the year, driven by a new, highly effective cyber campaign.

The majority of these scams are arriving via emails that claim PayPal accounts have been suspended, urging users to update their account details to restore access. Other fraudulent tactics include fake PayPal gift card offers, bogus invoices, and customer support scams about billing issues.

McAfee warned that cybercriminals are aggressively targeting PayPal users by mimicking official communications. "While PayPal works diligently to protect its users, scammers are constantly evolving their tactics and often capitalise on well-known companies, especially if they've been in the news recently," the security firm explained.

The latest attacks have been linked to a specific campaign where scammers send official-looking emails marked "Action Required," pressuring recipients to update their account details within 48 hours or risk suspension. "The recent surge has been traced to a single, highly effective campaign where attackers send official-looking emails with 'Action Required' warnings, demanding users update their account details within 48 hours or face account suspension," McAfee added.

McAfee is urging all PayPal users to be extra cautious when opening messages that appear to come from the platform. Users are advised to avoid clicking on links and to verify any communication by checking for official PayPal domain addresses.

Here are 10 safety tips to help protect yourself from PayPal phishing scams, as recommended by McAfee:

1. Use strong, unique passwords for every device and account

2. Stay alert to phishing scams

3. Set up banking alerts

4. Monitor your credit reports regularly.

5. Be careful what you post on social media

6. Shred sensitive paper documents

7. Install antivirus software on all devices

8. Secure physical copies of important documents

9. Keep updated on data breaches

10. Know the warning signs of identity theft