Fraud Watch: Scammers Go For The Gold

Olympic athletes aren't the only ones after gold this summer. Criminal scammers are increasingly trying to steal your savings through gold bar schemes.

Criminals may impersonate representatives from the government to convince you that your bank account is compromised. They'll instruct you to withdraw your money and convert it into gold, before sending a “courier” to collect the bars for safe storage. However, once your gold is picked up, they’ll cut off contact and disappear. Thankfully, there are some warning signs of gold bar schemes.

No legitimate entity is going to ask you to buy gold. In addition, you should always be very weary if someone suggests that you must move your money to make it safe. While the involvement of couriers in gold bar scams may make it appear more legitimate, it’s another red flag.

Be a fraud fighter! If you can spot a scam, you can stop a scam.

AARP Fraud Watch Network™ is a free resource for all. Learn how to proactively spot scams or get guidance if you’ve been targeted. Visit aarp.org/fraudwatchnetwork or call our dedicated helpline to speak to a fraud specialist at 877-908-3360.