The Rise of 2 Scams That Can Steal Your Retirement – and How to Avoid It
You’ve heard it a million times: “Don’t buy gift cards for strangers.” We’ve all seen the signs at the CVS checkout counter. But cheaters are not stupid. They know we’re stuck with the iTunes card trick, so they’ve stepped up.
The latest counterfeiting trend is from plastic to heavy metal—specifically, gold bars—and digital goods.
According to data from the Federal Trade Commission, consumers reported losing a staggering $12.5 billion to fraud in 2024. That’s a 25% jump from last year. We are no longer talking about small change; these “phantom hacker” and “investment” scams wipe out all retirement accounts at once.
Here’s what you need to know to keep your money where it belongs.
The gold bar is a “safe haven”
This one is very bad because it plays with your desire for security. It usually starts with a phone call or a hack on your computer saying your bank account has been compromised. The “agent” (actually a crook) tells you that to protect your money, you need to buy physical gold.
They’ll instruct you to wire money to a jeweler, have the gold bars shipped to your home, and—here’s the kicker—give them to a “secured courier” for safekeeping.
Once you give those bars to your doorman, they’re gone forever. There is no “government lock,” and no “safe account.”
Related: See “This Kind of Social Security Scam Is ‘Evil'”
The evolution of the “phantom hacker”.
We used to worry about someone stealing our credit card number. Now, scammers pose as tech support or government officials from the FBI or FTC. They will tell you that your “financial steps” are being tracked by hackers and the only way to “reset” your identity is to move your money to a “secure” cryptocurrency wallet.
They will walk you through setting up a crypto account and transfer your savings to it. The moment you hit “send,” that money arrives in a digital wallet halfway around the world.
Because crypto transactions are usually irreversible, your bank cannot help you get them back.
Related: See “With AI-Powered Crypto Fraud on the Rise, Can You Protect Your Investments?”
Why these scams work
Scammers use “social engineering” to bypass the red flags that usually stop us. By using physical assets like gold or tech-heavy assets like crypto, they create a sense of urgency and confusion. They’ll often sit on the phone with you for hours—or even days—to make sure you’re not talking to a spouse, friend, or actual bank employee who might speak for you.
The FTC reports that investment scams alone will account for $5.7 billion in losses by 2024, more than any other category. This is because these criminals are experts at building trust before they kill.
Related: See “Over 60? Watch Out for 3 New Scams That Target Retirees’ Bank Accounts”
A way to protect yourself
When you get a call or text that makes your heart race, take a breath. Here’s how to stay safe:
1. Verify the source independently: If “Microsoft” or “Chase” calls you, hang up. Look for the official number and call them again. Never use the number given by the person who called you.
2. No government agency solicits gold: The FBI, the IRS, and the Treasury Department will not ask you to buy gold bars or Bitcoin to “protect” your assets. It doesn’t happen.
3. Don’t doubt the “messengers”: If someone tells you that they are sending someone to your house to pick up cash or valuables for “safekeeping,” they are a criminal. Full stop.
4. Watch out for “emergency” cables: If you’re being pressured into investing in a gold dealer you’ve never heard of, that’s a big red flag.
The best defense is a healthy dose of skepticism. If the “safety” plan involves you buying gold bars and giving them to a stranger, it’s not a plan—it’s robbery.
