AN elderly Portland man has fallen victim to a sophisticated gold bar scam, losing $170,000 in what experts are calling a growing trend.
The scheme, which has been described as ‘evil’ by law enforcement officials, mirrors a similar fraud case in Clark County, where a victim was swindled out of $500,000 over several months.
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According to a local precious metals dealer, the Portland victim was manipulated into purchasing fake gold bars.
Micheal Kakula, owner of Portland Precious Metals and Coins, shared. “It started with a phone call from an elderly man asking to buy $150,000 in gold bars.”
The elderly customer then began to ask how quickly he could have the order and if it could be collected immediately.
The owner shared that he could hear a sense of urgency in his voice.
The order was then quickly raised to $170,000.
The shop owner noted, “We locked him in at a price for 57 one ounce gold bars.”
But it wasn’t smooth sailing.
The very next day, the store owner received a call from the customer’s banker, and a conference call was initiated.
The call was to try and cancel the request, as the “whole thing was a scam.”
SECURITY SCAM
Initially, the call was placed to the elderly man to say that his social security number had been compromised.
Scammers often use high-pressure tactics, promising victims lucrative returns while instilling fear about economic instability or banking failures.
Authorities warn that scams involving fake gold bars have been on the rise.
“That’s horrible, it’s evil. You’re taking people’s life savings, uttered Kakula.”
In the recent Clark County case, fraudsters allegedly convinced a female victim to transfer half a million dollars in exchange for gold bars that turned out to be worthless.
Similar cases have been reported across the country, with retirees being disproportionately targeted.
Law enforcement agencies are urging potential investors to exercise caution and conduct thorough research before making any precious metals purchases.
Anyone who believes they may have been targeted by a similar scheme is encouraged to report it immediately to local law enforcement or consumer protection agencies.
By staying informed and cautious, potential victims can better protect themselves from falling prey.
How are scammers finding my number?
Here Mackenzie Tatananni, science and technology reporter at The U.S. Sun, breaks down ways a scammer may get your information.
Scammers commonly get phone numbers from data breaches, which occur when a hacker accesses a private database – often those maintained by companies like service providers and employers.
This information may be shared and circulated online, including on the dark web, where there are forums dedicated to sharing leaked information.
Another common technique called wardialing employs an automated system that targets specific area codes.
A recorded message will instruct the listener to enter sensitive information, like a card number and PIN.
There is also a far more harrowing possibility: your phone number could be listed online without your knowledge.
Data brokers are hungry to buy and sell your information. These companies gather information from various public sources online, including social media and public records
Their primary goal is to build databases of people and use this information for tailored advertising and marketing.
Much of this information ends up on public record sites, which display information like your phone number, email, home address, and date of birth for anyone to see.
In the United States, these sites are legally required to remove your information if you request it.
Locate your profile and follow the opt-out instructions, but be warned – these sites do not make it easy and intend to frustrate you out of completing the deregistration process.
For simplicity’s sake, you can also use a tool to purge your information from the Internet.
Norton offers one such service. Called the Privacy Monitor Assistant, the tool finds info online and requests removal on your behalf.
It is also possible that your phone number may be linked to a social media account and publicly displayed on your profile – this happens quite frequently with Facebook.
Be sure to review your privacy settings and confirm this information is hidden away from prying eyes.
