Woman loses more than $400K of retirement savings to gold courier scam
Scammers posing as federal agencies convince people that their accounts were hacked and that they must buy gold to protect their savings. In one reported case, a woman lost more than $400,000 of her retirement money this way.
How it works
Scammers pose as federal agencies such as the FBI, and also as the Better Business Bureau. They tell the target that hackers have reached their accounts and that their savings are at risk. The fake agent then tells them to convert retirement money into gold bars and coins for safekeeping. The gold is then collected by a courier, so the victim never sees it again.
Red flags to watch for
- A caller says your accounts were hacked and money is at risk
- You are told to buy gold bars or coins to protect savings
- A caller claims to be the FBI or another federal agency
- You are pressed to act fast and keep it secret
- A courier arrives to collect gold or cash from your home
What to do
Do not buy gold, move retirement money, or hand anything to a courier because a caller told you to. Hang up, then call the agency directly using a number from its official website, not one the caller gave you. Contact your bank and retirement plan provider right away, and report the contact to ic3.gov and reportfraud.ftc.gov.
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Source: WAFB Baton Rouge. Scam Sentinel summarizes this news report in plain language; it is a decision aid, not a guarantee.