CONSUMER ALERT: New York Attorney General James Warns New Yorkers of Gold Bar Scam Targeting Seniors

News24USA.Com Desk, New York – New York Attorney General Letitia James today issued a consumer alert warning New Yorkers of increasingly common “gold bar scams” and providing tips to protect themselves. These scams usually start with a fake pop-up message on victims’ computers, claiming their computer or financial accounts have been compromised or linked to criminal activity. The scammers convince the victim to give them remote access to their computer and then persuade the victim to convert their money into gold bars to protect their life savings. These gold bars are later collected and laundered by the scammers. The New York City Police Department (NYPD) has investigated more than 100 gold bar scam cases over the past two years, with total losses exceeding $100 million. Attorney General James is providing New Yorkers with tips on how to protect themselves from these scams and is encouraging those who are contacted by scammers to file a complaint with the Office of the Attorney General (OAG).

“Targeting older adults with seemingly legitimate claims that their life savings are in immediate danger is flat-out cruel,” said Attorney General James. “Seniors deserve to live comfortably without fear of losing their hard-earned savings to a manipulative scam. I am urging all New Yorkers to beware of these gold bar scams and report suspicious messages related to this scam to my office.”

These gold bar scams typically use a fraudulent pop-up message on victims’ computers, designed to resemble a legitimate cybersecurity warning. Victims are directed to provide remote access to their computer, allowing scammers to access victims’ financial information or online bank accounts. The scammers create fake evidence of hacking activity on the victims’ computer in order to further their scheme.

Victims are then connected to an individual posing as a law enforcement officer or government investigator. The scammer claims that the victims’ accounts have been compromised, and in order to protect their money, they must withdraw their savings and purchase gold bars or coins from legitimate dealers and turn these bars over to the purported authorities to keep them safe. Victims are instructed to keep the matter confidential and not discuss it with bank employees or family members. The scammers will then use couriers to collect the gold from the victim.

Attorney General James is providing the following tips to help New Yorkers avoid falling victim to these sorts of scams, as well as other similar financial scams:

Do not call the number provided in a pop-up, text, or email.
Never give someone you don’t know remote access to your computer.
Never move money out of your bank account at the urging of someone over the phone.
If someone claims there is an issue with your bank account, hang up and contact your financial institution by calling the number printed on your bank statement instead.
Remember, a scam is effective because the scammer creates a false sense of urgency, pressuring the victim into life-altering decisions on the spot and swearing them to secrecy. The best way to combat this is to hang up and contact someone you trust and let them know your situation.
New York City residents who think they have been a victim of this scam are encouraged to contact their local NYPD precinct.

If you or someone you love is a victim of a scam, please contact the Office of the Attorney by filing an online complaint or calling 1-800-771-7755. Press Release