I got an email telling me that PayPal my close my account because I have not updated any information on my account in a while. After looking it over I saw that it is not from Paypal, So be on the lookout for PayPal Phishing Scams.
And even if they address you by name, go directly to the vendor site, don't rely on links in an email. If the issue is real and from the vendor, there will be on-site messages. Spoofing is just too easy. I generally use a different browser to go to the vendor website as an extra layer of protection by distancing.
In addition to scams from Paypal pretenders I get about 15 a day from "Amazon" telling me there is an issue with my subscription. One of them funny enough comes from Amazon.coma. Coma! when so many are in a coma either medically or boredom induced. Most come from an email account that does not have either paypal or Amazon in their email name but when you hover over the email address it comes up as one of those two companies.
Whenever you get a strange email like this from Paypal, Amazon, iTunes, etc., always hit "Reply" and look at the sender email address. More than likely, it will be a long string of numbers and letters. This is a dead give-away that the email is fake. Then report it and/or hit delete and put it in your spam folder so they can't send you anymore.
I recently got something similar, supposedly from Amazon, wanting me to update my payment information. Amazon.service.com or something similar. It very helpfully included a link and was pretty slick overall. I opened a chat, verified that they hadn't sent it, and received an Amazon email to forward it to so they can investigate.
If you are using a web-based email, such as Outlook, mouseover the sender and an info popup will appear revealing the real sender's email address that the mail came from. I get a couple of these paypal phishing scams every day, and I report each and every one.