NYPD investigates gold bar scam that has stolen more than $100 million from retirees.

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A scam targeting older Americans is turning one of the oldest symbols of financial security — gold — into a way for criminals to steal retirees' savings.

The New York Police Department is investigating a scheme in which victims have collectively lost more than $100 million, according to ABC News (1). The investigation, which began in May 2024, involves the NYPD, the Department of Homeland Security, the IRS and law enforcement agencies in other states because authorities say the scheme is not limited to New York.

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And this isn't just another phone scam asking for a few hundred dollars. Some victims have reportedly lost millions.

The FBI has also been warning about similar "gold courier" scams and its 2024 Internet Crime Complaint Center report recorded 525 complaints involving gold and precious-metals courier schemes, with reported losses totaling $219 million nationwide (2).

How scammers convince retirees their savings are at risk

The scam often begins with something that looks relatively harmless: a pop-up on the victim's computer warning that their device or financial accounts have been compromised.

The victim is given a phone number to call. On the other end is someone pretending to be tech support. From there, the scam escalates.

The victim may be persuaded to give the scammer remote access to their computer. That can give criminals visibility into files, online accounts and other personal information. In the NYPD investigation, Detective Emilio Gomez told ABC News that perpetrators can gain access to a victim's webcam, printer, audio and computer.

Then comes the psychological switch. Another scammer — this time posing as a government official, police officer, or financial institution representative — tells the victim that their money is in danger. The victim may be instructed to move their savings out of their bank account and convert it into cash or precious metals for "protection."

This tactic is not new. In 2024, the FBI warned that scammers were posing as tech support and government officials, telling victims their financial accounts had been hacked or were at risk and instructing them to buy gold, silver, or other precious metals (3). The criminals would then send a courier to collect the valuables from the victim's home.