New York Attorney General Letitia James issued a consumer alert warning New Yorkers, particularly older adults, about an increasingly common scheme known as a “gold bar scam” that has resulted in significant financial losses across the state.
How the Gold Bar Scam Begins
According to the official announcement from the Office of the Attorney General (OAG), these scams typically begin with a fake pop-up message on a victim’s computer claiming that their computer or financial accounts have been compromised or linked to criminal activity. Scammers then persuade victims to grant remote access to their computers, after which the scammers create fabricated evidence of hacking activity to make the threat appear real.
Victims are then connected to someone posing as a law enforcement officer or government investigator who tells them their savings are at risk. The impersonator instructs victims to withdraw their money from the bank, purchase gold bars or coins from legitimate dealers, and hand the gold over to the supposed authorities for safekeeping. Victims are told to keep the matter secret and not to discuss it with bank employees or family members. Scammers then send couriers to collect the gold.
The New York City Police Department has investigated more than 100 gold bar scam cases over the past two years, with total losses exceeding $100 million, according to the attorney general’s announcement.
How to Protect Yourself From a Gold Bar Scam
Attorney General James offered the following tips to help New Yorkers protect themselves. Do not call any phone number provided in a pop-up, text, or email. Never give someone you do not know remote access to your computer. Never move money out of a bank account at the urging of someone over the phone. If someone claims there is a problem with your bank account, hang up and call your financial institution directly using the number printed on your bank statement. The announcement also noted that scammers rely on creating a false sense of urgency and swearing victims to secrecy, and that the best response is to hang up and speak with someone you trust.
New York City residents who believe they have been targeted are encouraged to contact their local NYPD precinct. Anyone who has been victimized or encountered this scam can file a complaint online with the OAG or call 1-800-771-7755. Those who are deaf or hard of hearing can call 1-800-788-9898.
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