The following phish, purportedly from PayPal, is doing the rounds at the moment.
PayPal have confirmed to me that it is a fake.
The scammer is trying to get you to click on the link, and reveal your passcodes etc.
If you receive one of these, do not click on the link but throw the mail away.
Dear valued PayPal member,
Our IP sentinel has detected a strange IP using you PayPal account and it might be used for illegal activities.If you could please take 5-10 minutes out of your online experience and update your personal records you will not run into any future problems with the online service. However, failure to update your records will result in account suspension and your identity can be stolen. Please update your records by December 20th.
Once you have updated your account records your PayPal session will not be interrupted and will continue as normal. Failure to update will result in cancellation of service, Terms of Service ( TOS ) violations or future problems.
To update your PayPal records click here:
As outlined in our User Agreement, PayPal will periodically send you information about site changes and enhancements.