New York Attorney General Letitia James issues alert about a rising scam targeting older residents, where fraudsters impersonate authorities to coerce victims into converting savings into gold bars, leading to millions in losses.
New York Attorney General Letitia James has warned older residents and their families about a fast-spreading fraud that pushes victims to turn cash savings into gold bars. In a consumer alert issued on Friday, James said the scam often starts with a bogus cybersecurity warning that appears on a victim’s computer and claims bank accounts have been hacked or linked to criminal activity.
According to the alert, scammers then seek remote access to the device and, while posing as police or other authorities, pressure people to buy gold bars that are later collected by a courier. James said the tactic is especially cruel because it preys on fear and urgency, and she urged New Yorkers to report suspicious messages to her office.
Authorities say the scheme is not isolated. The New York City Police Department has seen more than 100 such cases over the past two years, with losses of about $100 million, according to the attorney general’s office. On Long Island, police have also issued similar warnings after a woman nearly lost $140,000 when she responded to a pop-up message claiming her accounts were compromised, CBS News reported.
James advised people not to call any number shown in a pop-up alert, never to give remote access to an unfamiliar caller and to hang up if someone claims there is a problem with a bank account, then phone the bank using the number on a statement. She also said victims should contact a trusted friend or relative before taking any action. Complaints can be filed with the attorney general’s office online or by phone at 1-800-771-7755. The warning fits a broader pattern of enforcement from James, whose office has also brought cases against precious-metals sellers, cryptocurrency firms and a home solar company over alleged consumer fraud.
Disclaimer: This article is intended to inform and educate, not to recommend or endorse any financial product, investment or strategy. Please consider your own financial circumstances and seek professional advice where appropriate before making financial decisions.
