They say gold is a great investment, but if someone is telling you to convert all your savings into it immediately, you might want to check if you’re being scammed first.
A new scam is making the rounds, particularly targeting elderly individuals in South Carolina. Fraudsters are tricking victims into believing their bank accounts have been hacked, pressuring them to convert their savings into physical gold, only to have it stolen by a so-called "courier."
How It Works
- Fake Alerts – Victims receive a pop-up warning on their device claiming their bank account has been compromised.
- Urgent Calls – Scammers pretend to be bank representatives, cybersecurity experts, or law enforcement officials, directing victims to a fraudulent phone number for assistance.
- Gold Purchase – Victims are told to immediately withdraw their money and buy physical gold to "protect" their assets.
- Courier Pick-Up – A scammer posing as a trusted courier picks up the gold, promising it will be stored in a safe location.
- Disappearance – Once the victim has exhausted their funds, the scammers vanish without a trace.
Who’s Targeted?
Elderly individuals are prime targets for this scam. Scammers prey on:
- Seniors who may be less tech-savvy and more trusting of authority figures.
- Individuals with substantial savings or retirement funds.
- People unfamiliar with modern cybersecurity threats.
Real-Life Consequences
In South Carolina alone, elderly victims have lost an estimated $4.2 million to this scam in 2024. One woman filed reports with the FBI twice, but no action has been taken yet. Others have seen their entire life savings disappear, never to be recovered.
Why You Should Care
The financial impact of this scam is devastating. Victims not only lose their money but often suffer emotional distress and a loss of trust in legitimate financial institutions. With scammers getting more sophisticated, anyone could be the next target if they don’t stay vigilant.
How to Protect Yourself
- Verify First – If you receive an alert about hacking or fraud, don’t call the number provided. Instead, contact your bank or law enforcement directly.
- Be Skeptical – Legitimate institutions will never ask you to convert all your assets into gold or use a "courier" to secure your funds.
- Guard Your Devices – Don’t grant remote access to anyone claiming to be from tech support unless you initiated the request.
- Educate Loved Ones – If you have elderly family members, inform them about this scam to keep them protected.
- Report Suspicious Activity – If you suspect a scam, report it to the FBI’s Internet Crime Complaint Center (IC3) at www.ic3.gov.
Quick Tips
Did you know? Scammers often impersonate law enforcement to gain trust. Always verify directly with official sources.
Pro Tip: Never let urgency override common sense. Scammers rely on panic to cloud judgment—take a step back before making any financial moves.
Stay safe, stay informed.
Definitions of Key Terms
- Phishing Scam: A cybercrime tactic where fraudsters trick individuals into providing sensitive information, often through deceptive emails or messages.
- Social Engineering: Manipulating people into revealing confidential information by exploiting human psychology rather than technical hacking.
- Courier Scam: A fraud where scammers send fake couriers to collect money, valuables, or documents under false pretenses.
- IC3 (Internet Crime Complaint Center): A division of the FBI that handles reports of cybercrimes and fraud.
- Cybersecurity Breach: A security violation where unauthorized access to data or systems occurs, often leading to theft or financial loss.
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