You’ve heard it a million times: “Don’t buy gift cards for a stranger.” We’ve all seen the signs at the CVS checkout counter. But scammers aren’t stupid. They know we’re catching on to the iTunes card trick, so they’ve leveled up.
The latest trend in fraud is moving away from plastic and toward heavy metal—specifically, gold bars—and digital assets.
According to data from the Federal Trade Commission, consumers reported losing a staggering $12.5 billion to fraud in 2024. That’s a 25% jump from the year before. We’re not talking about small change anymore; these “phantom hacker” and “investment” scams are cleaning out entire retirement accounts in one go.
Here’s what you need to know to keep your money where it belongs.
The gold bar “safe haven” trap
This one is particularly nasty because it plays on your desire for safety. It usually starts with a phone call or a popup on your computer claiming your bank account has been compromised. The “agent” (who is actually a crook) tells you that to protect your money, you need to buy physical gold.
They’ll instruct you to wire money to a precious metals dealer, have the gold bars shipped to your house, and then—here’s the kicker—hand them over to a “protected courier” for safekeeping.
Once you hand those bars to the person at your door, they’re gone forever. There is no “government locker,” and there is no “safe account.”
Related: See “This Type of Social Security Scam Is ‘Particularly Heinous’”
The “phantom hacker” evolution
We used to just worry about someone stealing our credit card number. Now, scammers are pretending to be tech support or even government officials from the FBI or FTC. They’ll tell you your “financial footprint” is being tracked by hackers and the only way to “reset” your identity is to move your cash into a “secure” cryptocurrency wallet.
They’ll walk you through setting up a crypto account and moving your life savings into it. The moment you hit “send,” that money hits a digital wallet halfway across the world.
Because crypto transactions are generally irreversible, your bank can’t help you get it back.
Related: See “With AI-Powered Crypto Fraud on the Rise, Can You Safeguard Your Investments?”
Why these scams are working
Scammers are using “social engineering” to bypass the red flags that usually stop us. By using physical assets like gold or tech-heavy assets like crypto, they create a sense of urgency and confusion. They’ll often stay on the phone with you for hours—or even days—to ensure you don’t talk to a spouse, a friend, or a real bank employee who might talk sense into you.
The FTC reports that investment scams alone accounted for $5.7 billion in losses in 2024, more than any other category. That’s because these crooks are experts at building trust before they go in for the kill.
Related: See “Over 60? Beware of 3 New Scams Draining Retiree Bank Accounts”
How to protect yourself
If you get a call or a message that makes your heart race, take a breath. Here’s how to stay safe:
1. Verify the source independently: If “Microsoft” or “Chase” calls you, hang up. Look up the official number yourself and call them back. Never use a number provided by the person who called you.
2. No government agency asks for gold: The FBI, the IRS, and the Treasury Department will never ask you to buy gold bars or Bitcoin to “protect” your assets. It doesn’t happen.
3. Be skeptical of “couriers”: If someone tells you they’re sending a person to your house to pick up cash or valuables for “safekeeping,” they’re a criminal. Full stop.
4. Watch out for “urgent” wires: If you’re being pressured to wire money to a gold dealer you’ve never heard of, it’s a massive red flag.
The best defense is a healthy dose of skepticism. If a “safety” plan involves you buying gold bars and handing them to a stranger, it’s not a plan—it’s a heist.
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