Police warn of gold bar scam targeting seniors’ bank accounts

Police are warning about a sophisticated scam targeting older Americans in which criminals convince victims that their bank accounts have been compromised, then persuade them to convert their savings into gold bars and hand the precious metals to a courier. The scheme has already cost victims more than $100 million, according to ABC News.

The New York Police Department began investigating the operation in May 2024 alongside the Department of Homeland Security, the IRS and law enforcement agencies in other states. And it's not an isolated problem: the FBI recorded 525 complaints involving gold and precious-metals courier scams in 2024, with reported losses totaling $219 million nationwide.

So how does someone end up voluntarily handing a stranger their retirement savings in gold? The answer is a scam that starts with tech support and ends with a very expensive doorstep delivery.

First, your computer supposedly has a problem

The scam often begins with a pop-up appearing on the victim's computer. It claims something is wrong with the device or that the person's financial accounts have been compromised. The pop-up provides a phone number and urges the victim to call.

That's where the first scammer enters the picture. Pretending to be a technical-support representative, they may convince the victim to give them remote access to the computer.

Once inside, criminals can potentially see files, accounts and other personal information. NYPD Detective Emilio Gomez told ABC News that scammers can gain access to things such as a victim's webcam, printer, audio and local files.

Then someone ‘important’ calls

The next person might claim to be from the government, law enforcement, a bank or another financial institution. Their message is designed to trigger panic. And then the money request comes in.

Instead of telling the victim to simply transfer the money to another bank account, the scammers instruct them to withdraw their savings and purchase gold, silver or other precious metals. 

A courier shows up for your gold

The scammers arrange for someone to collect the precious metals directly from the victim. Sometimes, the victim may even be given a passcode or another supposed security measure to "verify" the courier.

It all creates an elaborate illusion that this is a legitimate government or financial operation. But there's no government official, nor is there any compromised account that needs protecting. And the person standing at the door surely isn't there to save your retirement. 

The FBI and local police hit back

The FBI has been warning about gold courier scams for years. In a 2024 alert, the agency specifically warned that criminals were impersonating technology-support workers and government officials, convincing victims that their financial accounts had been hacked and instructing them to purchase precious metals.

It is important to note that the scale of financial fraud against older Americans is enormous. People aged 60 and older reported more than $7.7 billion in losses to the FBI in 2025, a 59% increase from the previous year. The average reported loss was more than $38,000, while at least 12,400 victims reported losing $100,000 or more.

The biggest red flag is someone telling you to move your money

If someone unexpectedly tells you that your bank account has been hacked and you need to move your savings immediately, don't fall for it. Don’t click any pop-up, don't call the number displayed in an unexpected warning, and don't give a stranger remote access to your computer.

And absolutely do not buy gold because someone claiming to be a government official told you to. The FBI says legitimate government agencies and businesses will not instruct you to purchase gold or other precious metals to protect your money. They also won't ask you to hand your valuables to a random courier.

A demand for secrecy is another giant red flag. If someone tells you not to discuss the situation with your family, bank or financial adviser, that's a very good reason to do exactly the opposite.

Source: Yahoo Finance