This demonstrates why gold is just a tool for scammers and criminals and will never be used as real money.
This was far from an isolated case. Since May 2023, the FBI Internet Crime Complaint Center has reported a surge in these scams. In September, an FBI warning estimated that losses from the scams now total more than $186 million.
Known as the “Gold Bar” government impersonation scam, the scheme draws in unsuspecting elderly, retirement age, and vulnerable people.
The scam often begins with people pretending to be U.S. government workers or law enforcement officers, according to the Ohio Department of Commerce. In January, local media said an 89-year-old woman from Sylvania, Ohio, lost more than $1 million in a similar scheme.
A letter in the mail, an email, or a phone call informs the victim their identity has been stolen and their bank or investment accounts are in danger.
Then, the victim may be told the agency can protect their money for a short time if they act fast.
The scammers then convince the person to buy gold, silver, or other valuable metals and arrange for a courier to pick them up, claiming it will keep them safe from theft.