Greg's Corner

FBI warns elderly about gold scam

By Greg Collier

Recently, a distressing trend has emerged across Montgomery County, Maryland, where senior citizens have been targeted by sophisticated scams involving gold bars. These scams are not isolated incidents, but part of a larger nationwide trend that has seen seniors losing millions of dollars to criminals posing as government officials or representatives from reputable organizations.

These scams have resulted in significant financial losses nationwide in just the latter half of last year. The methods of these scammers are alarmingly consistent. They often impersonate tech support, financial, or government officials, claiming that the victim’s financial accounts have been compromised. The scammers then pressure the victims into converting their assets into cash or valuables, such as gold or silver, supposedly to protect them from hackers. Once the conversion is complete, the scammers arrange to collect the assets, sometimes even sending couriers to the victim’s home.

Montgomery County has been a particular hotspot for these scams. One particularly heartbreaking case involved an elderly retiree who lost nearly $1 million after being tricked by individuals posing as federal agents. This all began with a simple click on a pop-up ad that warned of spyware. The scammers convinced her to convert her life savings into gold bars and hand them over to a courier. Fortunately, she realized the deception before handing over more than $2 million in additional assets.

Another recent case involved an elderly man from Bethesda who was similarly deceived by a caller pretending to be from a government agency. Over nine trips to a local gold store, he converted over a million dollars into gold bars. It was only after seeing a news report about similar scams in the area that he contacted the police, who then set up a sting operation and arrested the suspect.

Authorities have made several arrests in connection with these scams. A suspect from Brooklyn, New York, was apprehended when he attempted to collect a box of supposed gold bars handed over by an undercover detective posing as a victim. In another case, another suspect was arrested following the sting operation involving the Bethesda man. These arrests are part of ongoing efforts to combat this surge in scams targeting vulnerable seniors.

The FBI and local authorities have issued warnings to help protect seniors from falling prey to these scams. They emphasize the importance of verifying any calls claiming to be from government officials or businesses, as they would never ask you to convert your assets into gold or other valuables. It is crucial to guard personal information and be cautious online, avoiding unknown ads or pop-ups and not allowing unknown individuals access to your computer. If you suspect you have been contacted by a scammer, report the incident to the FBI or reach out to relevant hotlines for assistance.

These scams are not limited to Montgomery County; they are part of a troubling national trend. Reports of similar scams have surfaced across the country, with seniors being particularly vulnerable. The scale and sophistication of these operations highlight the urgent need for nationwide awareness and preventive measures. By understanding that these threats exist beyond local communities, we can work together to protect seniors from falling victim to these deceptive schemes.