Crime Prevention Notice
Beware of gold scams. Criminals posing as federal agents are convincing people to convert their savings into gold — and then taking it.
“Gold courier” and “gold bar” scams targeting the elderly are multi-million dollar schemes in which international criminals, posing as federal agents or tech support, convince seniors to liquidate their life savings and convert them into physical gold to “protect” their assets.
How the Scheme Unfolds
Step 1The Hook
Seniors are contacted via fake computer pop-ups, text messages, or phone calls from individuals posing as agents from agencies like the Social Security Administration, FTC, or DOJ.
Step 2The Ruse
The scammer claims the victim’s identity has been stolen or that their bank accounts are compromised, and they are instructed to transfer funds into gold bars or coins to keep the money safe.
Step 3The Hand-off
Victims are directed to buy gold and then hand it over to a local, unverified courier or ship it, after which the gold is quickly melted down or laundered, resulting in total loss.
Common Warning Signs
- Unexpected contact claiming your money is in danger, or requesting you to liquidate IRAs, 401(k)s, or savings accounts.
- Demands to keep the transaction a secret from bank employees or family members.
- Instructions to hand packages or gold over to a stranger or courier in a parking lot.
- No U.S. government agency or legitimate business will ever ask you to purchase gold or precious metals to protect your funds or reputation.
What to Do If Targeted
If you suspect you or a loved one is being targeted by a scam, immediate action is critical.
Stop all transactions
Do not purchase any more gold, wire funds, or hand over packages.