Fraudsters may try to convince people that they have been paid more than they were owed (Image: GETTY)
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Fraudsters are always attempting to get a hold of Britons hard earned cash through various different scams so social media users often share their experiences to warn others. @Noahxboa exposed how scammers use Paypal to target innocent people.
In a video posted to his 1.4million followers, he explained how to spot these scams and what fraudsters will ask.
He explained that when fraudsters make a purchase, they may send too much.
For example, people may be selling a phone for £500 but fraudsters will send £5,000 to the seller and pretend it is a mistake.
They will then ask for the additional money to be sent back to them.
Noah explained: “Once I’ve sent that money back, scammers will file a complaint with PayPal saying their account has been compromised.
“They will say that they never meant to send the money in the first place.”
Paypal will then urge the seller to send back any cash received by the recipient leaving the seller out of pocket and owing more money than expected.
Even if the seller hasn’t shipped out the purchased item yet, they’ve still lost the “overpaid” amount they sent back.
Paypal has a section on its website warning people about potential scam attempts.
It highlights a number of common scam tactics which people should watch out for.
This includes the claim that a person has been paid too much.
PayPal said: “Fraudsters may try to convince you that you’ve been paid more than you were owed.
Many instances of fraud happen because sellers don’t know the warning signs to watch out for (Image: GETTY)
“For example, a spoofed email says that you’ve been paid $500 for a camera you listed at $300.
“The sender asks you to ship the camera in addition to the extra $200 you were ‘paid’ by mistake.
“Don’t fall for it.
“Simply log into your PayPal account and check that you were paid before sending anything.”
Many instances of fraud happen because sellers don’t know the warning signs to watch out for.
If a person knows what to look for, it’s hoped they can exercise caution.
This will help people protect themselves from scammers, thieves, and hackers.
People can sign up for PayPal’s Seller Protection Program, and PayPal will monitor transactions for signs of fraud.