First off, Paypal e-mails address you by name. Second, there will never be a hyperlink to click, you are supposed to log in to the website to deal with anything relevant.
AND MOST IMPORTANT! When you get a fraud e-mail posing as a letter from Paypal - IMMEDIATELY forward it to
spoof@paypal.com -This way they can start investigating where it came from and shut the thieves down before they do too much damage to people who have not read all the security procedures they have.
If you just delete it, you are giving the thieves that much more of a head start at stealing from others.