NYPD warning: Gold bar scam targeting older New Yorkers, stealing $100 Million+
Scammers trick older New Yorkers into buying fake gold bars. Victims hand over cash thinking they are buying real gold.
How it works
A person contacts the victim, often by phone or in person, and convinces them that buying gold bars is a safe investment or a way to protect money. The scammer takes the victim's cash in exchange for bars that are fake or worthless. The victim later discovers the gold is counterfeit or does not exist.
Red flags to watch for
- Unsolicited call or visit pitching gold as a quick investment
- Pressure to pay in cash immediately
- Promise that gold purchase is secret or safe from taxes
- You are told to keep the transaction private from family or bank
- Seller will not provide documentation or certification of the gold
What to do
Do not buy gold or precious metals from someone who calls or visits you out of the blue. If you are interested in investing in gold, research legitimate dealers, check their credentials, and ask a trusted family member or financial advisor before spending money. Report any suspicious offer to the NYPD or the FTC at reportfraud.ftc.gov.
If this reached you
Source: ABC7 New York . Scam Sentinel summarizes this news report in plain language; it is a decision aid, not a guarantee.