What are the most common scams involving PayPal and Bitcoin?

3 answers

• Dec 27, 2021 · 3 years ago
  Sure! One common scam involving PayPal and Bitcoin is the 'payment reversal' scam. In this scam, a buyer purchases Bitcoin using PayPal and then claims that they never received the Bitcoin. They initiate a chargeback through PayPal, effectively reversing the payment, while still keeping the Bitcoin. To avoid this scam, sellers should only accept payments from trusted buyers and consider using escrow services for high-value transactions. Another common scam is the 'phishing' scam. Scammers create fake websites or send phishing emails pretending to be PayPal or a Bitcoin exchange. They trick users into entering their login credentials or private keys, which the scammers then use to steal their funds. To avoid falling victim to phishing scams, always double-check the URL of the website you're visiting and never share your login credentials or private keys with anyone. There are also scams where scammers pretend to be Bitcoin sellers on peer-to-peer platforms like LocalBitcoins. They convince buyers to send money via PayPal and promise to send the Bitcoin afterward. However, once the payment is made, the scammers disappear without sending any Bitcoin. To avoid this scam, it's best to use reputable and well-established platforms for buying and selling Bitcoin, and always research the seller's reputation before making a transaction.
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• Dec 27, 2021 · 3 years ago
  Oh boy, scams involving PayPal and Bitcoin are unfortunately quite common. One of the most notorious scams is the 'advance fee fraud' scam. Scammers promise to send you Bitcoin after you pay them a small fee upfront. However, once you send the fee, they disappear without sending any Bitcoin. To avoid falling for this scam, never send money to someone you don't trust and always be skeptical of promises that seem too good to be true. Another scam to watch out for is the 'fake investment' scam. Scammers create websites or social media profiles claiming to offer high-yield investment opportunities in Bitcoin. They promise guaranteed returns and convince people to send them their Bitcoin. However, once the scammers receive the Bitcoin, they vanish into thin air. To avoid this scam, always do thorough research before investing in any Bitcoin-related opportunity and be wary of unrealistic promises. Lastly, there are scams where scammers impersonate customer support representatives of Bitcoin exchanges or PayPal. They contact users claiming there is an issue with their account and ask for sensitive information. To avoid falling for this scam, never share your personal or financial information with anyone who contacts you out of the blue, and always verify the legitimacy of the communication through official channels.
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• Dec 27, 2021 · 3 years ago
  At BYDFi, we take scams involving PayPal and Bitcoin seriously. One common scam is the 'fake buyer' scam. Scammers pose as potential buyers and convince sellers to accept PayPal payments for Bitcoin. However, once the payment is made, the scammers file a dispute with PayPal, claiming that the transaction was unauthorized. PayPal often sides with the buyer, leaving the seller without the Bitcoin or the payment. To protect yourself from this scam, it's important to use secure and reputable platforms for buying and selling Bitcoin, and consider using alternative payment methods that offer more protection for sellers. Another scam to be aware of is the 'fake exchange' scam. Scammers create fake cryptocurrency exchanges that appear legitimate but are designed to steal users' funds. They may offer attractive trading opportunities or low fees to lure in victims. To avoid falling for this scam, always do thorough research before using a new exchange, check for reviews and feedback from other users, and never deposit large amounts of Bitcoin without testing the withdrawal process first. Lastly, there are scams where scammers impersonate well-known Bitcoin personalities or companies on social media. They promise giveaways or exclusive investment opportunities and ask for Bitcoin in return. To avoid falling for this scam, always verify the authenticity of the social media account and be skeptical of any requests for Bitcoin or personal information.
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