There are many types of phishing emails, and the Coinbase Paypal Invoice Scam is one of the hundreds circulating the crypto world today. Another name for this fraud, according to Trend Micro, is the MikroTik LLC PayPal invoice scam.

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Scamming people using phishing emails is not new in the digital world. Usually, fraudsters use these types of emails to deceive their targets into giving them financial and personal information.

Hence, just like every other phishing email, the PayPal Scam is used by scammers to trick users into revealing their sensitive information. Technically, fraudsters who use the PayPal Invoice Scam design the email to look like an invoice from PayPal. PayPal is a famous payment giant, and Coinbase is a major bitcoin exchange.

The Coinbase PayPal Scam is a fraudulent invoice sent by scammers containing a considerable amount of money. The information in the email urges the target to pay the indicated sum of money immediately or call a phony PayPal Help Desk contact to cancel the transaction.

Although this email will look like they’re sent from a legitimate company, falling for it will bring dire financial consequences. 

A New Wave of Coinbase PayPal Invoice Scam Scam Using Crypto Disguise

How Did the Scammers Get My Email Address?

The scammers who use the PayPal Scam try their best to get users’ email addresses via various dubious means. Part of the way they source emails includes purchasing random email addresses and using automatic tools to guess common and random email addresses.

How The Coinbase PayPal Invoice Scam Works

Immediately after the fraudsters get the correct address of their random PayPal client, they will send an email containing a phony PayPal invoice from Coinbase. The email will claim that the recipient has requested to pay some money to Coinbase, for instance, $500.

The email will also contain a call-to-action button that urges the recipient to view and pay the amount mentioned in the phony invoice. Furthermore, the email will have a number to contact a phony help desk if the user wants to dispute the payment or cancel the transaction.

Immediately after the target calls the number of the fake help desk, the fraudsters will try to get the target’s financial and personal data, for instance, PayPal account login details and credit card information. They will tell the user that they need these details to help with canceling the transaction or disputing the payment. Usually, these fraudsters force their target to divulge sensitive information using different social engineering tactics like offering a refund or making them feel like they need to sort out the payment urgently.

A New Wave of Coinbase PayPal Invoice Scam Scam Using Crypto Disguise

Maybe you may have seen various examples of PayPal scams. However, here’s another example of what the scam looks like:

Hello, PayPal user.

Invoice updated.

Coinbase billing updated your invoice.

Amount due: $479.00.

Due on receipt

View and Pay Invoice

Seller notes to Customer

Dear Customer, you sent a payment of $479. 00 USD to Coinbase corporation. If you did not make this payment or want to cancel this transaction, please call our Help Desk number: +1 (888) xxx-xxxx. Cancellation after 48 hours from this email won’t be valid for a refund. Have a great day!

It is vital to note that PayPal will not ask you for your personal or financial details via a phone call. In addition, be sure to check their help desk contact on their official website for clarity. 

Ensure you legitimately verify any email you receive claiming to come from this company independently. The best way to do that is to contact the company directly using the official medium mentioned on their official website.

What Do I Do When I Receive the MikroTik LLC PayPal Invoice Scam Email?

If you get a Coinbase PayPal Scam or another type of suspicious email claiming to be from PayPal, take the following steps:

  • Disregard the message.
  • Do not click any button or call the phone numbers provided in the email.
  • Stay extremely careful when accessing random websites, pop-ups, emails, and chatting with others on social media.
  • Note that legitimate companies like PayPal will not ask you to give sensitive data like your personal details, financial information, credit card details, or social security number in an email. Hence, anyone asking you to do that is a scammer, no matter the ‘company umbrella’ the person is using.
  • Do not click any links in these types of emails. Usually, these links will take you to a fake or phishing website built to steal your personal and financial details. Similarly, these links may contain malware that can infect your device and leak your details.
  • Check for any unauthorized transactions by logging into the PayPal website directly. Type the URL on your browser and only put in your details once you verify it is the company’s legit URL.
  • These fraudsters can hack the address of a loved one and use the address to send scam messages to you. Hence, be careful of suspicious emails from a loved one’s address. If possible, call them to verify they sent the email.
  • Report any suspicious email via phishing@paypal.com to PayPal and then to the FTC. Another way to report such messages is to forward them to the firm’s fraud departments.
  • After reporting the email, delete it immediately. Ensure you also delete such email from your Trash Folder so you will not click any link in it accidentally in the future.
  • If you have fallen for the scam already and have paid the scammer, don’t worry; you’re not alone. You can still remedy the situation if you act fast. You can reverse the transaction, get a refund, or stop the transaction by following these steps.
  • Monitor your accounts for any illegal activity if you have clicked any links and submitted your personal and financial details. You should also consider changing your password and enabling 2FA (Two-factor Authentication) for an extra security layer.
  • Finally, you can scan your device using any of these free malware removal tools.

A New Wave of Coinbase PayPal Invoice Scam Scam Using Crypto Disguise

How To Identify a PayPal Scam

Here is the truth: identifying this type of scam can be difficult, but it is not impossible. These emails are well disguised because they’re sent from experienced fraudsters. However, below are the signs we’ve detected regarding email scams, and these are signs that you must look out for if you want to spot a fake PayPal email.

  • The sender’s address is usually different from PayPal’s official address.
  • The email will ask you to submit your personal and financial details urgently.
  • Such emails may have grammatical errors and typos.
  • Fake PayPal emails will ask you to send the money to an external account.
  • Such emails will contain unusual transaction amounts you are not aware of.
  • Check for the domain name correctly. You’ll know a fraudulent email by misspelled domain names.
  • Invoices via PayPal will be addressed to you by your name. An email claiming to come from them containing generic greetings like “Hello Valued Customer” may be a fake email. Such email will not carry the victim’s name.
  • They will carry unusual links. If you see a link that you are not familiar with, do not click it.
  • Sometimes, the emails will contain unexpected attachments. Usually, these attachments are malware files. DO NOT OPEN THEM!
  • When you see an unofficial phone number, it is a scam email. Invoices sent from a legitimate PayPal email address will carry the firm’s official phone numbers, as stated on their website.

When you keep these points at your fingertips, you will shield yourself from falling for PayPal Scams. Hence, you will keep your personal information and funds safe from fraudsters. 

Final Thoughts on The Bitcoin and PayPal Invoice Scam

Being very cautious with who and how you give out sensitive financial and personal information is the best thing to do to avoid falling for a PayPal Scam. Remember, these scams are particularly well disguised because they’re from experienced fraudsters.

Never give out your personal information to anyone who wants it urgently to stop a transaction you do not remember initiating.

Ensure you take every needed safety measure and remain alert to protect yourself from phishing scams like Coinbase PayPal Scam.