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A scam targeting older Americans is turning one of the oldest symbols of financial security — gold — into a way for criminals to steal retirees’ savings.
The New York Police Department is investigating a scheme in which victims have collectively lost more than $100 million, according to ABC News (1). The investigation, which began in May 2024, involves the NYPD, the Department of Homeland Security, the IRS and law enforcement agencies in other states because authorities say the scheme is not limited to New York.
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And this isn’t just another phone scam asking for a few hundred dollars. Some victims have reportedly lost millions.
The FBI has also been warning about similar “gold courier” scams and its 2024 Internet Crime Complaint Center report recorded 525 complaints involving gold and precious-metals courier schemes, with reported losses totaling $219 million nationwide (2).
How scammers convince retirees their savings are at risk
The scam often begins with something that looks relatively harmless: a pop-up on the victim’s computer warning that their device or financial accounts have been compromised.
The victim is given a phone number to call. On the other end is someone pretending to be tech support. From there, the scam escalates.
The victim may be persuaded to give the scammer remote access to their computer. That can give criminals visibility into files, online accounts and other personal information. In the NYPD investigation, Detective Emilio Gomez told ABC News that perpetrators can gain access to a victim’s webcam, printer, audio and computer.
Then comes the psychological switch. Another scammer — this time posing as a government official, police officer, or financial institution representative — tells the victim that their money is in danger. The victim may be instructed to move their savings out of their bank account and convert it into cash or precious metals for “protection.”
This tactic is not new. In 2024, the FBI warned that scammers were posing as tech support and government officials, telling victims their financial accounts had been hacked or were at risk and instructing them to buy gold, silver, or other precious metals (3). The criminals would then send a courier to collect the valuables from the victim’s home.
There’s also a practical reason criminals use precious metals: They’re physical. Once a victim buys gold bars or coins, someone can be sent to pick it up in person. According to the FBI, scammers may even give victims a passcode or other ways to “authenticate” the person collecting the gold (4).
Investing in gold more safely
Gold has long been viewed as a safe-haven asset, which helps explain why it can be especially appealing to retirees looking to protect their nest eggs. Unlike stocks or bonds, gold isn’t tied to the fortunes of a single company or economy and it has historically been used as a hedge during periods of economic uncertainty.
But there’s an important distinction between owning gold as part of a diversified portfolio and handing your life savings over to someone claiming your money isn’t safe.
If you’re interested in gold, you don’t necessarily need to keep physical coins or bars at home — or worse, move large amounts of cash because a stranger on the phone tells you to do so. One alternative is to gain exposure to the precious metal through a tax-advantaged account.
Today, you can combine the recession-resistant properties of the precious metal with the tax advantages of an IRA by opening a gold IRA with the help of Priority Gold.
You can work with an IRS-approved custodian and select a government-approved third-party depository for storage. These facilities are designed to hold precious metals securely, rather than leaving retirees responsible for hiding large amounts of gold at home.
And with Priority Gold’s platinum package, you can even get free account setup and insured shipping and storage for up to five years. Plus, you can also roll over your existing IRA or 401(k) into a precious metals IRA with Priority Gold — tax and penalty-free.
The best part? You can get up to $10,000 in complimentary silver upon making a qualifying purchase. And if you’re not sure if gold, or how much gold, is right for your portfolio, you can download Priority Gold’s wealth preservation guide for free to learn more.
The red flags that should make you stop immediately
The biggest warning sign is someone telling you that you need to move your money immediately to protect it.
Avoid clicking unsolicited pop-ups or calling numbers provided in them. Don’t give an unexpected caller remote access to your computer and verify anyone claiming to represent a government agency or financial institution using contact information you find independently.
Be skeptical if someone claiming to be from the government or law enforcement tells you to:
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Withdraw money from your bank or retirement accounts.
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Buy gold, silver, or other precious metals.
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Hand cash or gold to a courier.
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Give a stranger access to your computer.
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Keep the transaction secret from your family, bank, or financial advisor.
The FBI says government agencies and legitimate businesses will never ask you to purchase gold or other precious metals. It also advises people not to give unknown individuals access to their computers or agree to meet strangers to hand over cash or valuables.
If you think you’ve already been caught up in the scam, contact your financial institution, preserve emails, phone numbers and transaction records and report the fraud to the FBI’s Internet Crime Complaint Center.
If someone tells you to buy gold and hand it over to a courier to protect your savings, take a step back and verify the request independently.
Get added protection
Gold scams are just one piece of a much bigger fraud problem older Americans are facing.
The numbers show the scale of the broader problem. People aged 60 and older reported more than $7.7 billion in losses to the FBI in 2025, up 59% from the previous year (4). The average reported loss was more than $38,000 and at least 12,400 victims reported losing $100,000 or more.
What makes these schemes particularly dangerous is how legitimate they can look. Scammers can spoof phone numbers, use AI to create convincing messages and impersonate institutions retirees already trust. They may even tell victims that moving their money into gold is the safest way to protect it.
The scammer doesn’t necessarily have to steal the money. They just have to convince you to hand it over.
That means protecting yourself requires more than simply being suspicious of strange emails. It also means creating safeguards around your digital identity and financial information.
Platforms like Aura offer a way to manage device and identity protection in one place.
Aura’s AI-powered platform is designed to help protect your household from identity theft, phishing attempts, scams and malware across multiple connected devices. It can even alert you to potential fraud up to 650 times faster than traditional monitoring tools.
Aura also monitors spending activity for unusual transactions and can notify you when something looks out of the ordinary. If identity theft does occur, eligible users may qualify for up to $1 million in coverage for certain losses and related fees.
Getting started is quick and easy. Plus, you could save up to 68% if you sign up today — and Aura even offers a 60-day money-back guarantee if you’re not satisfied.
– With files from Laura Grande.
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Article Sources
We rely only on vetted sources and credible third-party reporting. For details, see our editorial ethics and guidelines.
ABC News (1); FBI Internet Crime Complaint Center (2); FBI (3), (4)
This article provides information only and should not be construed as advice. It is provided without warranty of any kind.