Retirees have lost more than $100 million to this gold scam — here’s how criminals convince victims their money isn’t safe

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.

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. The criminals would then send a courier to collect the valuables from the victim’s home.

Gold has a reputation as a safe haven during periods of economic or market uncertainty. That can make it particularly effective in a scam built around fear. If someone is told their bank account has been hacked, moving the money into something tangible like gold may seem like a reasonable way to protect it — especially when the person giving the instructions claims to be a government official.

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.

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. The average reported loss was more than $38,000 and at least 12,400 victims reported losing $100,000 or more.

In other words, scammers don’t necessarily have to break into a retiree’s account. They can convince the retiree to move the money themselves.

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.