Oregon Woman Nearly Loses Her Entire Life Savings in a Gold Bar Scam Rapidly Spreading Nationwide

Quick action by local enforcement prevented an Eastern Oregon woman from losing an additional $300,000 after she had already been defrauded of $600,000 – almost her entire life savings.

Oregonians are being warned by the state Department of Justice (ODOJ) about a gold bar scam rapidly spreading across the country.

The Scammers Pose as Federal Agents

The ODOJ says scammers convinced the woman they were federal agents, advising that her financial accounts were at risk of being hacked or frozen.

They said the only way to protect her assets was to convert them into gold bars and turn them over for ‘safekeeping.’ She followed the instructions and purchased $600,000 of gold, handing them over to the ‘federal agents.’

The woman told her sister about the call and said she was planning on handing over more gold bars to the bogus agents. Her sister called the ODOJ Consumer Hotline, and the local law enforcement was alerted. Officers visited the woman and stopped the final $300,000 transaction.

Oregonians Are Warned To Be On the Lookout

The ODOJ warns Oregonians to be alert to this scam if they receive a telephone call, an email, or text, from so-called government agencies, banks, or tech companies.

The scammers then create panic, saying the victim’s financial accounts are compromised or under investigation.

Victims are told to withdraw large sums of money and convert them into gold or other valuables to ‘protect’ their assets. A courier then arrives at the victim’s home to collect the gold, assuring that it will be safely stored.

Oregon Attorney General, Dan Rayfield, warns that ‘once the gold is handed over, it’s gone—the scammers disappear, leaving victims with nothing.’

Residents are advised to immediately terminate a call from anyone telling them to withdraw or transfer their money and should contact local law enforcement immediately.

Residents are advised to immediately terminate a call from anyone advising them to withdraw or transfer their money. Victims should call local law enforcement to report immediately.

The ODOJ advises residents never to open suspicious links, or respond to unsolicited texts or emails.

Even more important, residents should never give personal or financial information to anyone they do not know.

Other advice is to verify claims by calling your bank or the agency directly using official contact information, report suspicious activity to the ODOJ Consumer Hotline at 1-877-877-9392, file a complaint at OregonConsumer.gov, and report to the Federal Trade Commission at ReportFraud.FTC.gov