Gold bar scams are on the rise in the D.C. area, ruining the golden years for seniors. On Monday, local, state and federal agencies gathered in Montgomery County, Maryland, to warn the public about about the troubling trend that's led to millions of dollars being stolen.
Scammers are impersonating law enforcement officers and are convincing victims to convert large sums of their money into gold bars and then hand over the gold for "safekeeping."
This devastating scam that's shattering lives is sometimes prompted by a pop-up ad online or a fraudulent phone call.
"We believe that the total number of victims in our county alone is now close to 20, with millions more lost," Montgomery County State’s Attorney John McCarthy said.
So far, authorities have charged four men in connection with these government-imposter gold bar scams in Montgomery County. The victims have ranged in age from 61 to 94, with the largest loss being $2.3 million.
"You can be a victim, no matter your educational level," said Det. Sean Petty with Montgomery County Police Department's financial crimes section. "The scammers have preyed on people's sensibilities in believing that they are talking to a federal agent, that the federal agent is here to help them, protect them and to save them from being scammed by somebody else, when in fact they’re really being scammed by the individual that they’re talking to."
It's not just happening in Montgomery County. The FBI says it's received more than 250 complaints nationwide about scams related to couriers collecting gold bars.
Officials have linked these scams to crime organizations in India and China. And once the money is handed over, it's virtually impossible to get it back, since officials say the money is laundered and sent overseas before local authorities are even notified of the scam.
"People are losing their life savings, their homes, their trust, their security," said Bill DelBagno, FBI Special Agent in Charge with the Baltimore Field Office.
The losses are devastating not just for the victims but also their families. A woman named Laura says her aunt was scammed and is now in jeopardy of losing her house.
"I wish I would’ve noticed the signs and the little things, like her acting a little bit more secretive, because I feel like maybe if I had talked to her or maybe if I had paid more attention, that I might have been able to prevent this," she said.
So what can you do? Don't click on pop-ups. Don't answer calls from numbers you don't recognize, and remember that federal agents will never reach out asking for money in gold bars. And make sure your older family members know this, too.
