Local elderly couple scammed out of $35,000 in cash by fake PayPal employees

REXBURG — A local elderly couple was reportedly scammed Saturday. They gave $35,000 in an envelope to fake PayPal employees.

According to a Facebook post from the Rexburg Police Department, officers received a report on Sunday night from the concerned daughter of an elderly couple.

She told officers she believed her parents had been the victims of a financial scam. Officers met with the couple and reportedly determined they had been scammed.

According to one of the victims, he had received an email from what he thought was PayPal’s fraud department notifying him of activity involving the purchase of Bitcoin.

He told officers he called the number in the email and was told the fraudulent activity was done by an employee at a local bank.

“The victim was directed by the “fraud agent” to make several large cash withdrawals in amounts of $10,000, $10,000, and $15,000 from his bank account at three different local branches,” says the post. “Scammers knew that employees at financial institutions are trained to spot and prevent such scams and told the victim to lie to employees about the reason for the withdrawal since the alleged fraud was being done from within, and telling the truth may alarm the ‘suspect employee.'”

Employees at the bank reportedly questioned the victim about the large withdrawals, and he told a different story, as instructed by the scammer, to avoid raising suspicion.

Police say that after withdrawing $35,000, the victim was told to deposit the cash into a local Bitcoin ATM. Before the victim could do this, a gas station attendant noticed and told the victim this was likely a scam.

The victim was then told by the “fraud agent” that somebody from PayPal would be visiting his home to retrieve the money in person.

On Saturday, two men arrived at the victim’s house, retrieved an envelope containing $35,000 cash, and left.

Officers and detectives are currently investigating.

“If you have an elderly loved one, please check in on them and educate them of the possible financial fraud schemes that specifically target them,” says the post.

Rexburg police say scam artists often keep victims on the phone for more than eight hours to exhaust them emotionally.

“They take advantage of the heightened emotional state and lack of technological knowledge of our elderly citizens,” says the post. “When in doubt, contact us, and we will help spot a scam. Stay safe out there in cyberspace!”