According to the FBI, the victim lost $219 million in gold scams in 2024. Here’s how to avoid this popular scam
Gold prices have hit record highs This week may increase the chances of fraudsters fooling unsuspecting victims.
Goldbar scams sound like no one will likely fall, but that happens. This scheme involves a victim of elderly people, usually involved, and after convincing the fraudster to be convinced, the precious metal saves lives to protect the assets.
Gold is usually considered a healthy investment, so following their advice may seem like a good idea An era of economic uncertainty – Just as the US faces now. However, when the victim leaves the safe to the scammer for protection, it is surprising – the scammer will never be asked again.
The FBI first warned about AN An increase in these frauds January 2024, but their popularity is growing. Agent annual Internet Crime Complaint Center Report Released this week shows the victim lost a total of $219 million in gold scams last year. So far, in 2025, Goldbar scams dupled victims Portland, Oregonand new york.
What is Gold Bar Scam?
Goldbar scams generally work this way. Bad actors will create elaborate backstory and perhaps impersonate government officials from the FBI or the Treasury, convincing someone that money is not safe in the bank.
Criminals urge victims to remove their money Savings account Invest in gold. When they listen, they either find a local gold merchant, or Order online. The victim then meets a scammer as a courier who promises to take the money and deliver it to a safer location. They may even give a receipt to the victim. However, courier will exclude money instead.
Why do criminals rely on money scams?
Scammers have recently focused on gold for several reasons. Gold is a valuable item and is difficult to track. Also, people are easier to get over than bank security systems.
According to Robert Siciliano, a security analyst and author of Identity Theft Privacy, tech companies and banks have made it difficult for consumer accounts to acquire or be hacked. Security and fraud prevention.
“Information security is the best thing ever,” Siciliano said.
Gold has a reputation for being precious
Just like other investment vehicles fluctuate by price, You can also make money. It’s going well now, but that may not necessarily be the case. Still, criminals know There is money made from money.
“When gold (sale) reaches $3,000 per ounce, it has never been more appealing for scammers to engage with the shotgun approach and targeted mass groups in this particular trick,” Siciliano said.
He added that 98% of people wouldn’t be sucked into talking to scammers about transferring money into money, but if 2% of the targeted people talk to scammers, that’s all it takes to become a profitable scam.
People trust money
People don’t always trust the economy, but they tend to trust money.
“The value of assets such as precious metals such as gold have experienced a rapid increase in value and attracted widespread attention, so fraudsters jump on trends and use them to their advantage.” “Most gold is required as a hedge against economic instability or inflation.”
Gold is essentially impossible to track
Gold bars have a serial number, but it is impossible to know where the metal came from where it once melted. On the other hand, if you’re a criminal trying to sell stolen artwork or cars, it’s relatively easy for law enforcement to decide that something like a fish is happening if the police catch up with you.
Money rules our imagination
At school, you learned 1849 Gold Rush. If you’re a James Bond fan, you may be familiar with the film’s Goldfinger and how the villain planned to steal money from Fort Knox. Television ads often push gold as a safe and secure investment.
If the criminal convinces you of that Your bank account is not secureit makes sense that they propose money rather than persuading someone to invest their life savings. rhodium. Gold sounds familiar and logical investment.
How to avoid money scams
If someone is offering unsolicited advice on taking your money out of your bank and placing it elsewhere, it is important to remember that you should be at your security guard. Government officials rarely give you such advice. Beware of your intuition. If you feel something is off, it’s probably true.
If your trusted banking team members raise concerns about the legitimacy of your withdrawal, listen to them. They are trained to keep an eye on suspicious transactions. They can’t stop you from retracting your money, but they can tell you whether the reason behind the withdrawal sounds strange.
According to Jennifer Hallenbeck, banks and credit unions will not be able to refund the money. Wasatch Peaks Credit Union.
What if I get caught in a gold bar scam?
Unfortunately, it is unlikely that this type of fraud will recover lost funds. But that doesn’t mean there’s nothing you can do.
Call the police immediately. If you meet a courier or have the courier pick up money from your home, the burglar may still be in the area, and there may be evidence that police can gather.
Please contact the bank. If you take out the money yourself, your bank doesn’t need to give you a refund, but letting them know about the scams may help them raise awareness. Now, whether you’re a masked gunman or a cyber hacker, if the bank is taken away, you’ll get your money back. That’s why banks are FDIC Insured Person And such theft is not the customer’s fault. But in the case of Goldbar scams, you were fooled to become a robber.
Halenbeck said it’s still a good idea to call your bank or credit union if you’re scamed. They usually submit reports to the FBI on behalf of their members. Banks can also take special precautions such as freezing accounts and alerting accounts to prevent future fraud.
Please contact these government agencies. Federal Trade Commission I always want to hear from people who are victims of fraud. FBI’s Internet Crime Complaint Center It’s also a great resource and you might want to join your case with the police. your State Attorney General’s Office Thank you for listening to your situation.