June 16, 2024

Enjoy Reading! Further outstanding deals available

Subscribe to our Standard Digital Plan for access to more articles.

Only $1 for the first six months!

If you are already a member, please log in.

Photo credit – (Stephen Frye / MediaNews Group)

An elderly man, aged 81, from Troy, was a victim of an online scam. He got tricked into giving away a whopping $460,000, believing that it was part of a real gold exchange transaction, according to police.

The gentleman got acquainted with a woman online a year ago. He presumed she was linked with a legitimate exchange. Over the period from October 2023 until February 2024, he made payments to the fraudulent exchange.

When he attempted to withdraw some of his “earnings” two months later, he was informed by the scammer that he needed to pay a tax penalty. Realizing it was a hoax, a relative alerted him, Sergeant Ben Hancock of the Troy Police Department explained.

The case is under investigation, says Hancock.

Hancock offers advice to people to avoid falling prey to such incidents. Before investing a substantial amount, individuals should conduct thorough research and get an approving nod from a family member as well.

According to the Troy Police, several online scams have surfaced in the last year and a half. However, the amount of money lost in this case exceeds those in other recent instances.

For more, visit
The Oakland Press

## Frequently Asked Questions

### What was the nature of the online scam the elderly man fell prey to?

The 81-year-old man was led to believe he was involved in a genuine gold exchange. Receiving payments from him between October 2023 and February 2024, the scammer posed as a woman associated with a legitimate exchange.

### How much money did the elderly man lose in the scam?

The gentleman unfortunately parted with a significant amount of $460,000 in the fraudulent scheme according to the Troy Police Department.

### How can people protect themselves from similar scams?
According to Sergeant Ben Hancock of the Troy Police Department, people can prevent falling prey to such incidents by conducting thorough research before investing large sums of money. In addition, having a family member confirm the legitimacy of the investment can also be very beneficial.