Greg's Corner

Gold increasingly demanded as payment in scams

By Greg Collier

In a time when digital transactions dominate, gold, the age-old symbol of wealth and stability, seems like a relic of the past. However, recent trends suggest otherwise. Surprisingly, gold is making a comeback, not on the trading floors of Wall Street, but in the shadowy realms of online scams. From fraudulent investment schemes to sophisticated phishing tactics, scammers are increasingly demanding gold as payment.

An 80-year-old woman from Cherokee County, Georgia, found herself embroiled in a sophisticated fraud scheme that cost her more than $150,000. It all began with a seemingly innocuous call from an individual posing as an Amazon employee, expressing concern about a purported unauthorized purchase.

Initially, when the victim received the call, she was eventually redirected to an individual claiming to be an employee of the U.S. Treasury Department. This imposter persuaded the woman to procure $1,500 worth of gift cards and disclose their details over the phone. Subsequently, after the gift card funds were transferred, the caller instructed the woman to wire $50,000 to a bank in New York.

Following the suspect’s directives, the woman was later instructed to purchase 40 ounces of gold from a nearby distributor. She complied, acquiring the gold valued at approximately $100,000, and handed it over to an individual she believed to be a Treasury employee at a local establishment, according to the Cherokee County Sheriff’s Office.

The extent of the deception became apparent when the victim finally confided in a family member, prompting swift action from authorities. In a meticulously planned sting operation, investigators apprehended a 27-year-old suspect from Ontario, Canada. However, the suspect’s arrest only scratched the surface of a larger criminal network spanning across continents, with ties to India and the United Kingdom.

With older Americans increasingly becoming targets of financial exploitation, law enforcement agencies stress the importance of skepticism when dealing with unsolicited requests for money or personal information. Remember, legitimate organizations will never request payment in the form of cash, gold, cryptocurrency, or gift cards over the phone. All of these forms of payment are largely untraceable once they leave your possession. If someone you don’t know personally asks for any of these as a type of payment over the phone, it should raise immediate suspicion.