I got this email, too, and I looked into it in some more detail. I reported it as a spoofing attempt to spoof@paypal.com and I wrote them an email about it: I am concerned that PayPal sent me an email yesterday (the one titled "... important PayPal account update - your action required") which contained links back to PayPal. I never click on links in emails and it is disturbing to find them in a legitimate PayPal email (I checked by following the links, yes it is legit and leads to web pages that are byte for byte identical with your pages reached by typing URLs into my browser). I would like to think that PayPal had a better awareness of the potential issues with links embedded in emails, and I would expect PayPal not to encourage its users to click on such. To make matters worse, I reported the email to the PayPal address for reporting such attempts and received this reply: "Thanks for forwarding that suspicious-looking email. You're right - it was a phishing attempt, and we're working on stopping the fraud. By reporting the problem, you've made a difference!" Sorry but this doesn't look very good.
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