I received an email a copy of which I include. Looks like phishing Your service has been disabled Dear customer, Access your service to remove the limitation. Please Log In and update your billing and payment information. If you do not update your information, your service will permanently suspended. Click here to confirm Forgot your email or password? Recover them here
Firstly if the email addressed you as ''Dear Member'' / ''Customer'' / ''Client'' OR your ''email address'' then that confirms its a spoof as paypal would address you by your full name eg Dear John Smith.
Secondly if there was a link OR attachment in that email to ''cancel'' the transaction or ''confirm'' any details then again it would be a spoof.
If there was a problem with your account paypal would not ask you to click on an unsafe link in an email or by downloading an attachment, they would direct you to log in normally and go to the resolution or the message centre for more information.