ROCHESTER, N.Y. (WHEC) — State Police are warning people, particularly older adults and their families, about a financial scam involving fake cryptocurrency investments and buying gold bars or coins.
About the scam
According to State Police, scammers are using “increasingly sophisticated tactics” to convince victims to withdraw large amounts of cash, liquidate savings, or buy gold with the false promise it will be converted into cryptocurrency or invested on their behalf.
These scams usually start off with an unsolicited text message, social media contact, or online friendship, State Police say. They say the scammer may spend days or even weeks building trust with the victim before introducing what seems to be a highly profitable investment opportunity.
State Police add that in a growing trend, scammers will tell victims to buy gold bars or coins from local dealers instead of transferring money electronically. State Police say the victims are then told to hand the gold to a courier or ship it to an address given by the scammer. Once the gold is surrendered, it is almost impossible to recover, according to State Police.
Tips to avoid the scam
State Police want to remind people that no legitimate investment company, financial institution, government agency, or law enforcement agency will ever ask someone to buy gold bars as an investment, hand cash or precious metals to a courier, transfer cryptocurrency to protect assets, keep transactions secret from family or bank employees, or lie to bank personnel.
What to do if you’ve been scammed
If you believe you may have been targeted, State Police say you should stop talking with the suspected scammer, refrain from sending additional money or assets, contact your financial institution, and report it to the FBI’s Internet Crime Complaint Center (IC3) here.
People are also encouraged to report any suspected scams to State Police or a local law enforcement agency.
State Police warn of gold and cryptocurrency scam targeting older adults WHEC.com.
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