Beware of the Binance PayPal Invoice Scam

Beware of the Binance PayPal Invoice Scam

Have you received an invoice from Binance via PayPal that seems oddly familiar? Unfortunately, many have fallen prey to the Binance PayPal invoice scam. In this article, we will explain how this scam operates and provide strategies to avoid it.

What Is The Binance PayPal Invoice Scam?

This type of phishing scheme occurs when scammers send fake invoices via PayPal purporting to come from Binance but are actually sent by fraudsters pretending to be from them. A link in the invoice leads victims to a website that looks identical to Binance’s official site, where they will be asked for their login credentials and encouraged to enter them. Scammers then use these credentials to access and drain funds from victims’ accounts.

How Does This Scam Work?

The scam begins with an email purporting to come from Binance that contains an invoice for any purchases or trades made on their platform. Emails sent from Binance often include links for their users to click in order to view invoices, which will take them directly to a site that looks similar to its official domain and prompting them to login with their login credentials in order to view invoices. As soon as someone enters their login credentials, scammers use them to gain entry to their account and steal funds from it.

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How to Avoid Being Victimized

There are several steps you can take to prevent becoming a victim of Binance PayPal invoice scam:

  1. Verify the Sender: Before clicking any links in an email sent from Binance, always verify its sender by double-checking their email address against Binance’s official one ([email protected]) to ensure it is legitimate and not a scam.
  2. Binance will never ask you for your login credentials in an email or invoice; any such communication requesting them could be an attempt at scamming
  3. Before providing sensitive data on any website, verify its URL is accurate and spelling mistakes have been rectified; check for links beginning with “https” rather than just “http”.
  4. Two-factor authentication adds another level of protection to your account.

If you believe you have fallen prey to this fraud, there are steps you should take:

  1. Check your phone or email inbox for an emergency code sent directly from Binance; and enter that alongside your password when logging in. If this has happened to you:
    • Take steps immediately in regards to reporting this crime
    • Don’t log out!
    • Report Scammers
    • Contact Authorities Immediately

  2. File Report (If Possible). Once you realize you’ve been scammed, change your Binance password immediately – this will prevent scammers from accessing it again.
  3. Contact Binance Support: Inform Binance support of what happened immediately as this may help protect future victims of such schemes.
  4. Report the Scam: Report the fraud to PayPal and any relevant authorities in your country.

In conclusion, the Binance PayPal Invoice Scam is a type of phishing scheme which targets unwary victims by sending fake invoices via PayPal that appear to come from Binance. By following the steps outlined in this article, you can protect yourself from falling for this scam. Always verify the sender before providing login credentials or entering website URLs into search engines; and use two-factor authentication when possible.

Reminders for keeping safe out there!


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