The New York State Police Troop E Public Information Office is issuing this Public Service Announcement (PSA) to alert residents, particularly older adults and their families, about a growing financial scam involving fraudulent cryptocurrency investments and the purchase of gold bars or coins.

Scammers are using increasingly sophisticated tactics to convince victims to liquidate savings, withdraw large sums of cash, or purchase gold with the false promise that it will be converted into cryptocurrency or invested on their behalf. In reality, these investment opportunities are fraudulent, and victims often lose their life savings.

These scams frequently begin with an unsolicited text message, social media contact, or online friendship. The scammer spends days or even weeks building trust before introducing what appears to be a highly profitable investment opportunity. Victims are often directed to fraudulent investment websites or applications that falsely display substantial returns.

In a growing trend, scammers instruct victims to purchase gold bars or coins from local dealers instead of transferring money electronically. Victims are then directed to hand the gold to a courier or ship it to an address provided by the scammer. Once the gold is surrendered, it is nearly impossible to recover.

 

The New York State Police remind the public that no legitimate investment company, financial institution, government agency, or law enforcement agency will ever instruct someone to purchase gold bars as an investment, hand cash or precious metals to a courier, transfer cryptocurrency to protect assets, keep transactions secret from family or bank employees, or lie to bank personnel.

Residents who believe they have been targeted should stop communicating with the suspected scammer, refrain from sending additional money or assets, contact their financial institution, and report the incident to the FBI’s Internet Crime Complaint Center (IC3) at www.ic3.gov.

The New York State Police encourage anyone who suspects they or a loved one may be the victim of one of these scams to contact the New York State Police or a local law enforcement agency
immediately.