What are the common scams involving PayPal and Bitcoin?

3 answers

• Nov 25, 2021 · 3 years ago
  One common scam involving PayPal and Bitcoin is the 'chargeback' scam. This occurs when a buyer purchases Bitcoin using PayPal, receives the Bitcoin, and then files a chargeback with PayPal claiming that they never received the Bitcoin. Since PayPal tends to side with the buyer in these cases, the seller ends up losing both the Bitcoin and the payment. It's important to be cautious when selling Bitcoin through PayPal and to only transact with trusted buyers.
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• Nov 25, 2021 · 3 years ago
  Another common scam is the 'phishing' scam. Scammers will send emails or messages pretending to be from PayPal or a Bitcoin exchange, asking for personal information or login credentials. If you provide this information, the scammers can gain access to your PayPal or Bitcoin account and steal your funds. Always be skeptical of unsolicited messages and verify the authenticity of any requests before providing sensitive information.
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• Nov 25, 2021 · 3 years ago
  At BYDFi, we take scams involving PayPal and Bitcoin seriously. It's important to educate yourself about the common scams and take steps to protect your funds. We recommend using secure platforms and double-checking the legitimacy of any transactions or requests. If you suspect that you've encountered a scam, report it to the appropriate authorities and take immediate action to secure your accounts.
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