By Eric Reich
This week, I want to bring to your attention an alarming scam that’s becoming increasingly common and sophisticated. It’s been widely reported in the news, and unfortunately, some individuals — particularly older adults — have fallen victim. The news is calling this the “Gold Bar Scam.” You may have seen reports in the Washington Post, ABC News, or from organizations like AARP and the FBI warning about this. These scams are designed to be convincing, and, unfortunately, they’re resulting in significant financial losses for victims.
Here’s how the scam works:
It often starts with a pop-up or error message on your computer that looks like it’s from a trusted source. The message urges you to call a phone number. On the other end, scammers pretend to be from government agencies like the FBI or FTC. They tell you that your identity or financial accounts are at risk, and to protect yourself, you should move your money into gold bars for safekeeping.
It sounds far-fetched, but it’s working. Once someone follows their instructions and buys gold, the scammers send someone to pick it up, posing as a courier. After that, both the gold and the scammer are gone. Here are a few things to consider to ensure you’re staying alert.
Watch for the following warning signs:
You’re asked to make a financial move quickly, without a clear or logical reason.
You’re told not to speak with anyone about it.
Someone claims to be from a government agency and says you need to act immediately to protect your money.
You’re directed to contact someone from a pop-up or error message online.
How to protect yourself:
Never call a number from a suspicious pop-up or email — these messages are often fake.
Always independently verify who you’re speaking to. Use company websites to find relevant contact information and never disclose financial information to any person or any institution you don’t already have a relationship with.
Talk to someone you trust, like me or a family member, before taking action on a request involving large sums of money.
Be cautious with anyone asking for secrecy or urgency.
If something doesn’t feel right, it’s OK to slow down and ask questions. Scams like these are designed to make you panic. Taking a moment to check in with a trusted advisor can make all the difference.
Securities offered through Kestra Investment Services, LLC (Kestra IS), member FINRA/SIPC. Investment advisory services offered through Kestra Advisory Services, LLC (Kestra AS), an affiliate of Kestra IS. Reich Asset Management, LLC is not affiliated with Kestra IS or Kestra AS. The opinions expressed in this commentary are those of the author and may not necessarily reflect those held by Kestra Investment Services, LLC or Kestra Advisory Services, LLC. This is for general information only and is not intended to provide specific investment advice or recommendations for any individual. It is suggested that you consult your financial professional, attorney, or tax advisor with regard to your individual situation. To view form CRS visit https://bit.ly/KF-Disclosures.
Eric is President and founder of Reich Asset Management, LLC. He relies on his 25 years of experience to help clients have an enjoyable retirement. He is a Certified Financial Planner™ and Certified Investment Management AnalystSM (CIMA®) and has earned his Chartered Life Underwriter® (CLU®) and Chartered Financial Consultant® (ChFC®) designations.
