May 23, 2026
We’d all like to think we can spot a scam from a mile away, but these days, they usually start with an official-looking alert that triggers panic.
Those fear tactics have cost one Trumbull, Connecticut resident a staggering $900,000 in gold coins, allegedly handed over to a man posing as a Federal Trade Commission (FTC) agent.
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The case is part of what experts call high-trust scams, schemes that don’t rely on tricking people with obvious red flags, but by convincing them the person on the other end of the phone, email or text message is the real deal.
“The Trumbull Police Department is reminding the public, particularly older adults and their families, to remain vigilant regarding fraud schemes involving individuals impersonating law enforcement officers, court officials or government agencies,” police said. “Scammers frequently use telephone calls, text messages, emails and computer pop-up alerts to pressure victims into making payments.”
Unfortunately, the scam has been working. The FTC reports these impersonation scams now drain more than $1 billion annually from Americans. It’s a reminder that the biggest threat to your wallet isn’t a computer virus, it’s a convincing voice on the other end of the phone.
How a fake FTC agent walked away with $900K in gold coins
According to reports, the victim, who is in her 70s, began communicating with a man who claimed to be an FTC official. He convinced her that her assets were in danger and the FTC could “protect” her savings. He also said that her family members might also be at risk, too, if she didn’t hand over her gold coins for safekeeping.
Believing the story, she met with the suspect on two separate occasions and surrendered nearly $900,000 worth of gold coins. The scam escalated when the man later pressed for a third exchange, this time for an additional $300,000.
By then, the woman grew suspicious and contacted the police. Investigators asked her to proceed with a monitored meeting on May 14 as part of a sting operation, where he was arrested. Tushar Sharma, 23, an Indian national living in California, now faces charges of conspiracy to commit first-degree larceny and criminal attempt to commit first-degree larceny.
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It’s not an isolated incident, either. Government impersonation scams are increasing, netting $789 million from Americans in 2024 alone.
Older adults are often the primary targets. In fact, FTC data shows that losses of more than $100,000 for people over 60 skyrocketed from $55 million in 2020 to a massive $445 million in 2024.
Officials underscored that legitimate government agencies, including the FTC, do not instruct individuals to hand over cash, gold, cryptocurrency or other valuables as part of any investigation.
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How to spot ‘government agencies’
Scammers are becoming adept at faking official alerts, and the police say these modern “high-trust” scams now look almost legitimate.
Instead of using deception, criminals rely on authority and panic to trick victims into handing over cash or assets. Some major red flags to look out for include:
- A sense of urgency: Scammers try to scare you by claiming you’ll be arrested or face legal action immediately unless you act right away.
- Strange payment requests: They push you to pay in unusual ways, like gift cards, crypto, wire transfers or handing over cash in-person due to its inconspicuousness.
- Out-of-the-blue contact: You receive an unexpected call, text or email claiming to be from a government agency or bank.
- Forced isolation: They insist you stay on the line and pressure you not to hang up or speak to your bank, so you can’t get a second opinion.
- Extreme secrecy: They tell you the situation is “highly confidential” and that you shouldn’t tell anyone, which is meant to keep you from verifying the story.
With impersonation scams draining more than $1 billion from everyday people every year, the best defense is to slow down, hang up and independently call the agency back using an official number from its verified website.
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Laura Grande is a freelance contributor with nearly 15 years of industry experience. Throughout her career she's written about and edited a range of topics, from personal finance and politics to health and pop culture.
