Sophos.com has posted an article on their blog about a new paypal email scam.
The email says that someone has tried to attempt the recipient’s paypal account from a foreign IP address.
It gives an instruction that the recipient must login to his paypal account via a link that is included in the email.
Sophos noticed that the “From” address is Internal Revenue Service (IRS). Therefore, they suspect that the people who send out these emails are the same ones that are behind on the IRS scam.
Source: Sophos

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That happened to me once in the past when I got a fishing Paypal mail asking me to login to my Paypal account and before that confirming my credit card information, unfortunately I have not notice that until I send the information. But I instantly called my credit card company and canceled my credit card and then change the password for my Paypal account and I was ok.