A growing scam involving gold bars has defrauded Americans out of $126 million in 2024 alone, according to the FBI. This fraud, which uses couriers to collect gold from victims, has left many, including elderly individuals like 79-year-old Kris Owen, financially devastated. Owen, a Vietnam veteran, fell victim to the scheme after a message claiming his personal information was compromised led him to believe that he needed to convert his savings into gold bars for safekeeping. He handed over $80,000 worth of gold, only to never see it again.
The scam has become more sophisticated, capitalizing on the rising value of gold and the public’s growing reliance on it as a safe investment. Scammers pose as federal agents, instructing victims to send their gold to secure locations. They often target vulnerable individuals through pop-up messages and fake FBI letters.
The FBI is investigating these crimes, focusing on couriers like Abdul Mohammed and Yash Shah, who have been recruited to collect gold from victims. Shah, a former courier, expressed regret for his involvement, acknowledging his role in the scam and the need to uncover the larger network behind it. Law enforcement is particularly targeting call centers in India, where many of the scams are believed to originate.
As the scam continues to spread, authorities urge the public to be cautious about unsolicited messages and to consult trusted friends or family members before taking any action. Senior communities are being specifically targeted, with officials urging education on identifying fraud and reporting suspicious activities.
This scam serves as a stark reminder of how technology can be used to manipulate and exploit individuals, particularly the elderly, for financial gain.
