An 85-year-old man in Florida says he lost half of his retirement savings when scammers bilked him for $200,000 using a complicated ruse involving PayPal. Now, he's sharing his story with the world in the hope that others can avoid the same mistake.
Unfortunately, it sounds like this type of fraud is becoming more common, putting seniors and everyday Americans at risk. Find out what happened and how you can spot scammers below.
? SIGN UP for Parade’s Daily newsletter to get the latest pop culture news & celebrity interviews delivered right to your inbox ?
Brian Oliver shared his story on the Beyond Connected podcast, which also featured a detective from the Gainesville Police Department. In the interview, he explained how an email had popped into his inbox claiming to be from PayPal, which put everything into motion.
According to him, the email said he owed money through PayPal. Since Oliver had previously used the payment app, he believed the email was authentic and began following the steps provided online. However, once he got on the phone with a rep, things started to fall apart. That's because the rep asked Oliver to type "the number 100" onto his computer while the duo was sharing screens. However, he immediately told Oliver that he had made a mistake and didn't follow the instructions, typing 10,000 into the screen instead.
Related: New Report Sounds the Alarm About the 'Catastrophic' Effects of Social Security Cuts
That figure represented money, which the fake PayPal rep said had been transferred into Oliver's bank account. He then shared another screen with the 85-year-old, showing him a spoofed version of his bank account that appeared to show the money deposited. Next, the criminal told Oliver that he needed to withdraw the $10,000 in cash and deposit it into a crypto ATM to make things right.
After Oliver followed those steps, he once again got on the phone with the PayPal rep, who pulled the same trick, this time telling him he had accidentally transferred $200,000 into the man's bank account. Instead of having him withdraw it in cash, he instructed Oliver to liquidate his stock portfolio to buy gold coins, which were later picked up by a courier. A few days later, the scammer called back and asked Oliver to purchase $200,000 in gold coins again, which is when he realized he was being scammed and called the police.
The Scam Is Becoming a Common One
In the end, Oliver worked with the Gainesville Police Department to set up a sting, which led to the arrest of Atharva Shailesh Sathawane, who was found guilty of committing this scam more than 30 times across multiple states, to the tune of almost $8 million.
Sathawane is looking at nearly two decades behind bars as a result of his crimes. His victims will likely never see their money again, which is why Oliver and the police are speaking out about what happened and urging retirees to be extra vigilant about these types of scams.
Related: The Best Strategies To Protect Your Social Security From the IRS
For example, if anyone ever contacts you claiming to be from PayPal or your bank, hang up and find the institution's direct number on its website, then call them directly. Secondly, if you're approached by someone who asks you to buy gold coins and hand them off to a third party, that should be an immediate red flag.
Lastly, these scammers operate in secrecy, often telling you not to let anyone know what is going on, either to protect yourself from suspicion or so that you don't have to pay taxes on the money you're withdrawing. Oliver and the detective both warn that a real customer service rep would never advise you against something like that.
Of course, anyone can be scammed at virtually any time, and there's no shame in admitting that you've been duped. If you think you've been tricked by a phishing scheme or through something similar to what happened to Oliver, the most important thing you can do is reach out to your local police department for help as soon as you become suspicious. While it's incredibly hard to recover money that is stolen this way, they can help you navigate what is going on and potentially prevent you from losing more money.
Disclaimer: This article is for informational purposes only and does not constitute financial advice.
Hence then, the article about florida retiree loses 200k thanks to devastating fake paypal scam was published today ( ) and is available on Parade ( Saudi Arabia ) The editorial team at PressBee has edited and verified it, and it may have been modified, fully republished, or quoted. You can read and follow the updates of this news or article from its original source.
Read More Details
Finally We wish PressBee provided you with enough information of ( Florida Retiree Loses $200K Thanks To Devastating Fake PayPal Scam )
Also on site :
- King Charles US visit: What to know about the itinerary, Congress address
- War and neglect fuel deadly measles epidemic in Sudan’s Darfur
- British TV legend Nicola Walker's much-anticipated "messy" anti-romantic comedy confirms release date