The FBI has issued a warning about scammers who are targeting elderly individuals, convincing them to convert their assets into cash or use them to purchase precious metals.
According to the FBI, these scammers initially present themselves as government officials or financial/technology experts, claiming that the victim’s account has been hacked or is at risk of being hacked.
The scammers then instruct the victims to convert their assets into cash or use it to buy silver, gold, or other precious metals as a safeguard. In some instances, the FBI reports that scammers tell the victims to transfer money to a metal dealer who then ships the metals directly to the victims.
“Bullion scams, as we call them, are an escalating issue. Our main phone and internet hotlines received complaints from bullion scam victims totaling $55 million in losses just in the latter half of 2023 alone,” an FBI representative told scamnews.info.
An associate of the scammers might visit the victims’ homes to collect the cash or precious metals, claiming to safeguard their assets. According to the FBI, victims usually never hear from the scammers again and end up losing everything.
“Whenever you see someone lose money to a scammer, it’s heartbreaking. Anyone who has worked with elderly victims will tell you that there are few things more devastating than sitting at a kitchen table with a senior citizen and realizing that everything they’ve worked for their entire life is gone,” an FBI representative said.
An FBI representative told News 8 on Thursday that while there is a legitimate market for these types of sales, the FBI has previously collaborated with businesses that sell precious metals. These businesses have been very receptive to helping authorities prevent such crimes.
The FBI emphasizes that no legitimate government official or professional would ask you to buy precious metals or withdraw cash if your account is genuinely at risk. They also urge people to be cautious when clicking on internet links and to avoid unsolicited pop-ups, texts, or emails from unknown individuals.