Victims Lost $219M to Gold Bar Scams in 2024, FBI Says. Here's How to Avoid This Popular Con

Getty Images/Evan Zimmer/CNET The price of gold reached a record high this week, which may give swindlers more opportunities to trick unsuspecting victims. The gold bar scam sounds like a con no one could possibly fall for, but it does happen. The scheme involves victims, usually senior citizens, sinking their life savings into the precious metal to safeguard their assets, after being convinced to do so by a con artist. It can seem like a good idea to follow their advice, as gold is typically viewed as a sound investment in times of economic uncertainty -- like the one the US is currently facing. But once a victim entrusts the gold bars to the scammer for safekeeping -- surprise -- the scammer is never heard from again. The FBI first warned about an increase in these scams in January 2024, but their popularity has grown. The agency's annual Internet Crime Complaint Center report released this week shows that victims lost a total of $219 million to gold scams last year. So far in 20 ... Read full article.