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Web PayPal Prenote Scam — How to Stay Safe

Credit Card Scams

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.

Source: Twitter
Web Paypal Prenote Scam_20220506_2
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…

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