PayPal users are being targeted in a new scam that asks customers to set up their account profile.

Users are often tricked into believing that the email is authentic and from PayPal, prompting them to give account access to the fraudster, according to a new report from Malwarebytes.

"This PayPal scam is scary because they're not stealing your password," Michael Ryan, a finance expert and the founder of MichaelRyanMoney.com , told Newsweek . "They're tricking you into giving them actual account access."

Why It Matters

Americans lose billions of dollars each year to scammers. According to the Federal Trade Commission, roughly $8.8 billion was stolen due to fraud in 2022 alone.

What To Know

In the PayPal scam, users will get an email that looks like it's from service@paypal.com,

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