If someone contacts you unexpectedly and tells you to buy gold bars and hand them to someone (anyone!) to “protect your money,” you’ve spotted a scam. Instead of doing what they say, stop. Want to know how these scams work and how to avoid them? Read on.
You might get a message, email, or call saying your bank account or computer was hacked. Or they say your name and Social Security number are linked to crimes. To gain your trust, they say they’re government agents or law enforcement (they’re not) — and then they pressure you to act fast. To “protect your money,” they tell you to buy gold bars and hand them to someone. Or they say to move your money to a “secure government” account or withdraw cash and give it to someone to “keep it safe.” But those are all scams.
In fact, no one from the government will ever tell you to buy and deliver gold bars, move your money, or give cash to anyone. If someone does, that's a scammer. To help you spot the scam, here are some things to listen for:
- “Buy gold bars and hand them to someone” is a scam. It doesn’t matter who they say you’re giving the bars to. Don’t give bars to a courier, and don’t deliver them. It’s a scam.
- “Move your money to protect it” is a scam. Nobody legit will tell you to protect your money by transferring or withdrawing it from your bank or investment accounts. But scammers will.
- “Withdraw cash and give it to [anyone]” is a scam. Always. Every time. It’s a scam.
If you hear any of these, stop. Hang up. Delete the email. Stop texting. Block their number. Tell someone you trust what happened, and then tell the FTC at ReportFraud.ftc.gov.