Web PayPal Prenote Scam — How to Stay Safe

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Have you noticed a strange transaction on your bank statement listed as “Web PayPal Prenote” and have no idea why it has appeared? If so, it’s possible that your banking credentials have been compromised and are in the hands of scammers. Don’t panic, however, but keep on reading to learn how this “Web PayPal Prenote” scam works and how you can protect yourself.

How Do Web PayPal Prenote Scams Work?

First of all, if you believe you may be the victim of this scam, you’re not the only one — many people have taken to social media to say they’ve also seen unusual PayPal transactions on their bank statements.

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Source: Twitter
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Source: Facebook

To pull off these scams, scammers are creating PayPal accounts and linking them to victims’ leaked banking information. Once payment information has been linked to an account, the scammers will normally make several test withdrawals — these appear as “Web PayPal Prenote” on the victims’ bank statements.

The test withdrawals will often be for $0, but they may be as much as a few dollars. What the scammers are doing by making these small withdrawals, is they are testing the legitimacy of the leaked banking information, and also hoping to not arouse too much suspicion. After all, it’s tough to get too concerned about a transaction for $0, even if you don’t recognize it.

However, once the scammers are sure the leaked banking credentials are legitimate and PayPal seems to be letting the withdrawals go through without issue, they will begin to make much larger withdrawals, potentially completely emptying victims’ bank accounts in the process!

How to Stay Protected

If you’ve noticed unusual “Web PayPal Prenote” transactions on your bank statement, the first thing you need to do is contact your bank. However, please be aware that you may end up having to close your account and set up another because once data is compromised, it’s compromised forever.

These types of scams really highlight how dangerous and costly it can be to have your personal and financial information leaked. It’s not always possible to trace the origin of a leak, but compromised data is often shared by cybercriminals on the dark web and underground web forums. And this is where Trend Micro ID Security comes into play.

Available for Android and iOS, Trend Micro ID Security can scan the internet and the dark web 24/7 for your personal information — bank account numbers, credit card numbers, your Social Security number, and lots more! If your data is leaked, you’re notified immediately so you can take the appropriate action. If your information is out there, with Trend Micro ID Security, you’ll be the first to know!

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