PayPal Scams Targeting Vaughan Businesses
PayPal is one of the most popular online payment processing methods, with around 400 million e-commerce merchants who transact billions each year. Unfortunately, the immense processing volume makes PayPal an appealing target for scammers who have developed sneaky and convincing scamming tactics. The most popular PayPal scams come from phishing websites or social media posts, suspicious payment emails, malicious ads, advanced fee scams, fake hyperlinks, and many more.
PayPal and most of its users are aware of some of the scamming techniques above, and the company has proactively continued to deactivate those accounts and transactions flagged as scams or fraud. However, scammers are upgrading their scamming game by coming up with new techniques, and most businesses lose a lot of money before realizing they are victims. Partnering with an IT company offering cybersecurity services in Vaughan makes businesses more poised to avoid these scams and compromise their business.
Read on to learn more about PayPal scams, including a recent scam targeting Vaughan businesses and how Tektonic is helping organizations in Vaughan protect themselves from cyber threats.
This is a new PayPal scam targeting Vaughan businesses. Tektonic is a recent culprit in this scam, with a member of our accounting department receiving a fraudulent request to pay or service through the PayPal invoicing system. They requested $796, which appears to be true since it falls within our pay threshold. The amount also doesn’t seem generic compared to $800 or $750, which would appear fake.
Fortunately, with our organization’s strict scrutiny of all invoices, a check on our information shows that there’s no service provider named after the email address used in the fake invoice. A further look into our PayPal account revealed that the invoiced email is not part of the addresses listed in our payments. This represents some accounting scams that may affect your business, including targeting other payment systems apart from Paypal.
Apart from the fake invoicing scam, your business is at risk of other forms of Paypal scams, including:
Order Confirmation Scam
In this scam, fraudsters send a phishing email that impersonates Paypal. Scammers create a spoofed or fake email address that appears to be from PayPal, asking you to confirm a recent order for a recent purchase. The email will also request you to check your order by logging into your account through a link they’ve sent.
Scammers intend to steal your PayPal login credentials through the spoofed web page. Once they capture your login information, they will use it to log into your account, withdraw your money, make purchases, or carry out a doxxing attack. In a doxxing attack, scammers publish personal information like email, phone number, and home address online to scare or embarrass you.
Fake Fraud Alert Scams
In this scam, scammers send fraudulent alerts mimicking PayPal emails. This is referred to as smishing attacks. These fraud alert scams are not easy to spot since they are usually two types of messages sent simultaneously. One message warns you that another person is trying to access your profile, while the other reports suspicious activity on your profile. Opening these links allows the scammers to steal details like your password as you try to log in. You may also download malware, allowing another person to spy on your business computer or phone.
Password Reset Request Scam
Scammers create a fake password request alert that appears to be from PayPal. Once you click on the link attached to the email, you end up sharing your login credentials with the fraudsters or downloading malware. Therefore, logging in directly through your PayPal app or website is crucial, even when requested to change your password to be safe.
Refund Request Scam
Receiving a random PayPal transfer is not usually an honest mistake. Scammers use this trick to fool you into sending them money. They usually send money from hacked PayPal accounts and send a message requesting you to send the money back. Once you send the money, it goes to their card, which they have included in the fake account. The stolen amount is then removed from your business account.
Tektonic Cybersecurity Solutions towards PayPal Scams
Protecting your Vaughan business from PayPal scams is easier if you fortify it with relevant cybersecurity measures. At Tektonic, our team is dedicated to keeping your sensitive data secure and confident. We implement a wide range of cybersecurity measures, including:
Intrusion Detection and Prevention
An intrusion detection and prevention system will monitor and scan potential threats and alert our administrators about a possible attack. It involves several methods, including a firewall, ID sensor, and managed servers. The system monitors any attempts that violate PayPal security policies, flags them, and avoids any form of intrusion.
Since email is a primary target for PayPal scams, Tektonic utilizes different measures to protect your email. Our best practices include:
- Email Encryption
- Spam filter
- Secure email gateway
- Antivirus protection
- Employee education
- Multi-factor authentication
The use of antimalware goes beyond recognizing and scanning viruses. Advanced antimalware protection scan all incoming data to protect your computers from being infected. We employ relevant antimalware programs that will protect your business in the following ways:
- Preventing users from visiting websites that may contain malware
- Preventing the spread of malware to other computers
- Providing insight into the type of malware that may compromise your device or network
Employee Training on Identifying and Avoiding Phishing Scams
Human error is the weakest link to your business’ security. The use of phishing emails and a single malicious link can bring your business to a halt. However, with proper training protocol, you can significantly reduce the direct threat to your business. Tektonic offers the training needed to solidify your security and mitigate the risk of PayPal scams or other cybersecurity threats.
Protect Your Business with Tektonic
Online scammers have upped their game, and businesses are at a higher risk of accounting scams. This requires businesses to adopt better ways to protect themselves. Partnering with an IT company can help you keep your business secure. These companies have the knowledge and resources needed to keep your business protected.
Tektonic is your perfect IT company for protecting Vaughan businesses from cybersecurity. From training your employees about risk mitigation and employing state-of-the-art cybersecurity measures to protect your business, you can rest assured that we will help you keep your business safe from accounting scams. If you want to learn more about our services, please don’t hesitate to contact us.