This month's scam can be surprisingly complex, but it boils down to this: the scammers convince the victim that their life savings are in danger, and for their safety, should be liquidated into gold or silver.

Then they swing by and pick it up.

This week, the FBI issued a PSA warning the public about this scam, which they say has been on the rise over the last six months, with losses totaling over $55 million dollars.

How does it work?

The scammers begin by posing as someone like a tech support representative (like in the Help Desk Scam) or government official; although the FBI mentions there is a complicated version where they use a "multi-layered approach, posing, in succession, as a technology company, a financial institution, and a US government official."

The victim is informed that their accounts have been or are at risk of being hacked, and the only way to protect them is to liquidate their funds into cash or precious metals.

Because it clearly wouldn't be safe to have that much cash and gold around the house, the scammers then offer to retrieve and securely store the assets for the victim. They then send a courier to pick it up.

In one variation, the victim is instead instructed to wire their funds to an "approved metals dealer" who will supposedly purchase precious metals on behalf of the victim and ship it to them.

Needless to say, neither the gold nor the scammers is seen again.

 How can I protect myself?

• Neither the US Government or a legitimate financial institution will ever ask you to purchase gold or other precious metals.
• Don't agree to meet unknown individuals to deliver cash or precious metals.
• Do not click on unsolicited pop-ups on your computer, email links and attachments, or links sent in text messages.
• Do not contact unknown telephone numbers provided in pop-ups, texts, or emails.
• If someone claiming to be from your financial institution calls you, hang up and call the bank directly at a number you know to be correct.
• Do not download software at the request of unknown individuals who contact you, especially software that will allow remote control of your computer.
• Do not allow unknown individuals access to your computer.

If you get a call:

whether you fall victim to the scam or not - report it!

From the FBI:



The FBI requests victims report these fraudulent or suspicious activities to the FBI IC3 at www.ic3.gov as quickly as possible. Be sure to include as much transaction information as possible:

• The name of the person or company that contacted you.
• Methods of communication used, including websites, emails, and telephone numbers.
• Any bank account number(s) to which you wired funds and the recipient name(s).
• The name and location of the metal dealer company and the account to which you wired funds, if you were instructed to buy precious metals.

Victims aged 60 or over who need assistance with filing an IC3 complaint, can contact the DOJ Elder Justice Hotline, 1-833-FRAUD-11 (or 833-372-8311).

If you think you are a victim of online fraud, file a report with the FBI:

FBI's Internet Crime Complaint Center (IC3)

https://www.ic3.gov/