This the second time I've received one of these, looked real enough, but look at the date sent.
I copied and pasted it to an email to PayPal and they responded quickly stating that in fact it was a fraud and would work on disabling it. If you try and forward them, everything except the address info at the disappears.
From : PayPal Team <PayPal@hotmail.com>
Reply-To : PayPal@hotmail.com
Sent : Saturday, 30 December 1899 1:00:00 AM
To : @hotmail.com
Subject : Account Revalidation
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Dear valued PayPalŪ member:
Due to concerns, for the safety and integrity of the paypal
account we have issued this warning message.
It has come to our attention that your PayPalŪ account information needs to be
updated as part of our continuing commitment to protect your account and to
reduce the instance of fraud on our website. 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.
Please update your records on or before August 20, 2007.
Once you have updated your account records your paypal account
service will not be interrupted and will continue as normal.
To update your PayPalŪ records click on the following link:
=https://www.paypal.com/us/cgi-bin/webscr?cmd=_login-run
Thank You.
PayPalŪ UPDATE TEAM
Accounts Management As outlined in our User Agreement, PayPalŪ will
periodically send you information about site changes and enhancements.
Visit our Privacy Policy and User Agreement if you have any questions.
http://www.paypal.com/cgi-bin/webscr?cmd=p/gen/ua/policy_privacy-outside