New York AG Warns About 'Gold Bar Scam' Targeting Senior Citizens

NEW YORK — New York Attorney General Letitia James issued a consumer alert warning residents about increasingly common “gold bar scams” that target bank accounts and often prey on older adults.

James said the scams usually begin with a fake pop-up message on a victim’s computer claiming the device or financial accounts have been compromised or linked to criminal activity.

According to the attorney general’s office, scammers persuade victims to give them remote access to their computers. They then use that access to obtain financial information or online bank account details and create fake evidence of hacking activity to advance the scheme. Victims are later told their money is at risk and must be protected.

The attorney general’s office said victims are then connected to someone posing as a law enforcement officer or government investigator. That person claims the accounts have been compromised and instructs the victim to withdraw savings, buy gold bars or coins from legitimate dealers, and turn them over to supposed authorities for safekeeping. The scammers also tell victims to keep the matter secret and not discuss it with bank employees or family members, according to the alert.

“Targeting older adults with seemingly legitimate claims that their life savings are in immediate danger is flat-out cruel,”James said. “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.”

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 alert. The attorney general’s office said couriers are used to collect the gold after victims buy it.

James also shared steps residents can take to protect themselves. New Yorkers should not call numbers provided in pop-ups, texts, or emails, and should never give remote computer access to someone they do not know. The office also advised residents never to move money out of a bank account at the urging of someone over the phone.

If someone claims there is a problem with a bank account, residents should hang up and call their financial institution using the number printed on a bank statement, according to the alert. Scam victims can file an online complaint with the Office of the Attorney General or call 1-800-771-7755.