NYPD warns of gold bar scam targeting older adults after victims lose millions
Police released surveillance video showing an elderly woman in Flatbush handing over approximately $300,000 worth of gold bars to a scammer.
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The NYPD is warning the public about a sophisticated scam targeting older adults after victims across the city lost more than $100 million over the past two years.
Police released surveillance video showing an elderly woman in Flatbush handing over approximately $300,000 worth of gold bars to a scammer.
Investigators said the woman was tricked into believing her bank accounts had been compromised and was told to convert her savings into gold bars to protect her money. She believed she was turning the gold over to the Internal Revenue Service for safekeeping.
The NYPD’s Cyber Investigations Group said it has investigated more than 100 gold bar scam cases in the past two years, with total losses exceeding $100 million. In one case alone, a victim lost $9.8 million in gold bars.
Authorities are urging families to talk with older relatives about the scam.
“Have these conversations with your parents or grandparents,” said Sgt. Rashawn Vaughn, of the NYPD Financial Crimes Task Force. “Just make sure they are not buying gold bars. If they have access to their parents’ or grandparents’ accounts, make sure there are no abnormal transactions.”
Police said scammers often create a false sense of urgency, convincing victims their money is in immediate danger and instructing them not to contact law enforcement.
Anyone who receives a pop-up message or phone call claiming their bank account has been compromised, is advised against calling the phone number provided in the alert. Instead, they should contact their bank using its official customer service number or report the incident to law enforcement.
