Victims Lost $219M to Gold Bar Scams in 2024, FBI Says
The price of gold reached a record high this week, which may give swindlers more opportunities to trick unsuspecting victims. The gold bar scam sounds like a con no one could possibly fall for, but it does happen. The scheme involves victims, usually senior citizens, sinking their life savings into the precious metal to safeguard their assets, after being convinced to do so by a con artist.
It can seem like a good idea to follow their advice, as gold is typically viewed as a sound investment in times of economic uncertainty -- like the one the US is currently facing. But once a victim entrusts the gold bars to the scammer for safekeeping -- surprise -- the scammer is never heard from again. The FBI first warned about an increase in these scams in January 2024, but their popularity has grown. The agency's annual Internet Crime Complaint Center report released this week shows that victims lost a total of $219 million to gold scams last year.
So far in 2025, gold bar scams have duped victims in Portland, Oregon, and New York. CNET's pick for the best identity theft protection service Protect your personal data and get peace of mind with CNET's top pick for identity theft protection. Gold bar scams generally work like this: A bad actor will concoct an elaborate backstory and impersonate a government official, maybe from the FBI or the Treasury, to convince someone that their money isn't safe in the bank.
The criminal will urge the victim to remove their money from their savings account and invest it in gold. If they listen, they'll either find a local gold merchant or order it online. Then the victim will meet the scammer posing as a courier who will take the gold, promising to deliver it to a safer location. They may even give a receipt to the victim. However, the courier will abscond with the gold instead.
Why are criminals turning to gold bar scams? Scammers have focused on gold lately for several reasons: Gold is a valuable commodity and hard to trace. People are also easier to get through than a bank security system.
Tech companies and banks have made it difficult for consumer accounts to obtain viruses or get hacked, according to Robert Siciliano, a security analyst and author of Identity Theft Privacy: Security Protection and Fraud Prevention. "Information security is the best it's ever been," Siciliano said, "and the most effective way to stop fraudsters is by educating people about how to protect themselves."
Pay attention to your intuition. If you feel something might be off, it probably is. If your trusted bank associate raises concerns about the legitimacy of your withdrawal, listen to them. They're trained to keep an eye out for suspicious transactions.
While they can't stop you from withdrawing your money, they can tell you whether the reasons behind the withdrawal sound odd. If you take out your money, banks and credit unions wouldn't be able to refund the money, according to Jennifer Hallenbeck, collection and fraud manager at Wasatch Peaks Credit Union.
What to do if you've fallen for the gold bar scam
Unfortunately, recovering lost funds with this type of scam is unlikely. However, that doesn't mean there's nothing you can do. Immediately call the police. If you've met a courier or had a courier pick up gold from your home, the thief may still be lingering in the area or there could be evidence the police could collect.
Contact your bank. While your bank isn't required to reimburse you if you took the money out yourself, letting them know about the scam could help them raise awareness. Now, if your bank was robbed, whether by a masked gunman or a cyberhacker, you would get your money back. That's why banks are FDIC insured and a theft such as that isn't the customer's fault.
Hallenbeck said it's still a good idea to call your bank or credit union if you've been scammed. They typically file a report with the FBI on their members' behalf. The bank can also take extra precautions like freezing your account or putting an alert on it to prevent future scams.
Contact these government agencies
The Federal Trade Commission always wants to hear from people who are victims of fraud. The FBI's Internet Crime Complaint Center is also an excellent resource, and they, with the police, may want to get involved in your case. Your state attorney general's office would likely appreciate hearing about your situation.