17-2-2024 (SINGAPORE) A surge in cybercriminal activity targeting PayPal accounts has prompted the Singapore Police Force and the Cyber Security Agency of Singapore to issue a joint statement on Friday (February 16). The statement serves as a reminder to the public about the new tactics employed by criminal gangs and urges caution to prevent PayPal account hacking.
According to the authorities, victims have reported receiving email notifications or account information alerts from PayPal, indicating unauthorized changes to their account information or multiple transfer transactions. Upon checking their accounts, some victims discovered unidentified funds deposited into their accounts or transfers made to unfamiliar bank accounts added by cybercriminals. Subsequently, the cybercriminals would apply for chargeback requests, leading to a negative balance in the victims’ accounts.
The statement did not disclose whether the victims suffered financial losses or the extent of the losses. However, the authorities emphasized the importance of maintaining robust online security practices to prevent online information or password leaks and abuse. Such security breaches can occur due to weak passwords that are easily cracked, visiting phishing websites that lead to data theft, or inadvertently downloading malware.
To safeguard their information and passwords, the public is advised to adopt good online security habits when using online payment platforms like PayPal. This includes setting strong and unique passwords, being cautious of suspicious emails or notifications, and regularly updating and securing their devices with reputable antivirus software.
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