Elderly Oregonians Targeted in Alarming Wave of Gold Bar Scams

Yet another Oregonian has fallen victim to the ‘gold bar scam,’ losing tens of thousands of dollars after being conned into believing that her bank accounts were compromised and that her money would only be safe if converted into gold.

This is the latest ‘gold bar scam’ that has stripped elderly citizens of their life savings.

A few weeks ago, a victim lost $600,000 in an almost identical scam in Eastern Oregon. Meanwhile, the Oregon Department of Justice (ODOJ) reports that another Oregonian lost $60,000 in a silver bar scam.

These are just three of countless cases under investigation nationwide.

Modus Operandi of the Scammers

The ODOJ states that scammers impersonate government agencies or financial institutions when contacting victims.

They create a sense of fear and urgency when describing how the money could be frozen or stolen, advising victims to exchange their cash for gold bars to protect their savings.

The victims are then instructed to hand over the gold bars to a ‘courier’ for safekeeping. Once they part with their hard-earned savings, the scammers vanish.

Oregon’s Attorney General, Dan Rayfield, describes the gold bar scam as cruel, calculated, and financially devastating. He reminds Oregonians that no government or bank will ever ask a client to liquidate their assets.

The ODOJ advises potential victims to immediately terminate a suspicious call and to contact their local law enforcement. A further word of advice is never share financial or personal information with strangers.

Report to the ODOJ Consumer Hotline at 1-877-877-9392, or file a complaint at OregonConsumer.gov. Victims can also report the incident to the Federal Trade Commission at ReportFraud.FTC.gov.