"As we see fraud tactics evolve, a particularly damaging scheme has emerged targeting seniors: the "gold scam." In this scam, criminals manipulate victims into converting their life savings into physical gold, which is then stolen. These perpetrators often pose as government agents or tech support, claiming your financial accounts have been compromised and that purchasing gold is the only way to "secure" your assets."
"To isolate victims, scammers create a false sense of urgency, preventing them from consulting trusted family members or financial advisors. Another ruse: Scammers impersonating FBI agents or other officials claim your funds are connected to a crime. They instruct you to buy gold bars for "safekeeping" and send a courier to your home to collect them. Note: No legitimate law enforcement agency will ever ask you to buy gold or send a courier to pick up assets."
Criminals target seniors by convincing them to convert life savings into physical gold and then stealing the gold. Scammers pose as government agents or tech support, claim accounts are compromised, and insist that purchasing gold is the only way to secure assets. They create false urgency to isolate victims and prevent consultation with family or advisors. Some impersonate law enforcement, alleging funds are tied to crimes and arranging courier pickups for gold. Legitimate agencies do not request gold purchases or courier pickups. Victims should hang up, verify independently, consult trusted contacts, avoid handing over assets, and contact local police.
Read at The Mercury News
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