FBI warns of coin collection scams
By Greg Collier
Scammers have found ways to infiltrate nearly every aspect of our lives, preying on unsuspecting individuals involved in a number of activities. From online shopping to investing, no area seems immune to their deceitful tactics. One such vulnerable domain is coin collecting, a cherished hobby for many enthusiasts. Scammers have cleverly adapted their schemes to target collectors, exploiting their passion and trust to steal valuable items and money. Understanding the methods these fraudsters use is crucial for protecting oneself in an increasingly interconnected world.
The FBI has recently issued a warning to the public about a new scam targeting collectible coin enthusiasts. Scammers posing as legitimate coin dealers are tricking individuals into selling their valuable coin collections under false pretenses, only to cheat them out of significant sums of money.
According to FBI officials, these scammers lure victims by promising substantial returns for their collectible coins.
The scammer contacts the victim, claiming to have a collectible coin business, and offers an irresistible deal for their coin collection. The victim is promised a high payout for the coins, enticing them to send their collection. Once the scammers have received the coins, they pay the victim a much smaller amount than initially promised and keep the coins.
In other cases, scammers offer to sell collectible coins to victims, but these coins are often of lesser value or never delivered.
The FBI warns that scammers use various tactics to pressure victims into making quick decisions. For example, a scammer might claim that there is an upcoming auction, pushing the victim to sell their coins quickly to get a good price. Or the scammers might fabricate stories about needing to sell coins urgently due to financial distress, convincing the victim to act fast.
Victims of this scam often end up losing their valuable coin collections and receiving only a fraction of the promised amount, if anything at all.
According to the FBI, collectors should be wary of any unsolicited offers to purchase or sell collectible coins. Verify the legitimacy of the caller and their business. Do not hand over your coin collection to someone for ‘appraisal’ unless you are certain of their credibility.
If you have been a victim of this scam or any similar fraudulent activity, the FBI urges you to file a report with the Internet Crime Complaint Center at IC3.gov.
Collectible coins can be valuable assets, both financially and sentimentally. By staying informed about the latest scams and following the FBI’s guidelines, you can protect yourself from becoming a victim. Remember, if a deal sounds too good to be true, it probably is. Always verify the legitimacy of any coin dealer and exercise caution in your transactions.
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