Cape Cod Police Put A Halt On Bitcoin Scam

FALMOUTH, MA — Cape Cod police likely saved an elderly man about $10,000 after they noticed signs of a scam happening in real time.

On Sept. 19 around 4:21 p.m., Officer Sean Lowe was on duty and at the Cumberland Farms located on East Falmouth Highway when he observed an elderly man "engaging in suspicious activity involving a Bitcoin ATM," officials said.

Police said the man was depositing what they deemed a "substantial amount of cash," which they later determined to be just under $10,000.

Staff at the store told police they also recognized the scam and had attempted to stop the man from putting in money, officials said.

"Further investigation revealed that the individual was on the phone, receiving instructions from a male with a foreign accent regarding the deposit," police said. "Recognizing the urgency of the situation, Officer Lowe promptly intervened and was able to convince the elderly man that he was, in fact, falling victim to a scam."

Detective Kurt Ruta responded to assist with the investigation, finding that the man had withdrawn just under $10,000 likely because it is "slightly below the threshold for mandated reporting by U.S. banks."

"The scammers had falsely informed the victim that he had been overpaid during a PayPal transaction and needed to return the money," officials said.

Detectives with the department are continuing an investigation into the matter.