Thanks for using PayPal. To see all the transaction details, log in to your PayPal account. It may take a few moments for this transaction to appear in your account", identified by hoax-slayer.
The mail also claims that you can open a dispute about the transaction and get a full refund by following a link included in the email. Yes, the link leads to a Paypal phishing page.
The phishing page ask you to enter your personal details including your credit card number. These personal information can be used for credit card fraud and identity theft by scammers. Also they can get hack into any accounts of victim with enough of information.
Some users will get panicked when they see the illegal transaction from their paypal. So they immediately try to click the refund click and follow whatever the attacker say. The result "They got hacked".
Here is guide from Paypal will guide you to identify phishing attack.
