Anyone watching the Winter Olympics? ⛷️There’s some real talent out there in the world! Have you ever dreamed of conquering the Super-G or nailing the halfpipe? Not us, we’ll catch you in the lodge with some hot cocoa. 😃☕
As the Olympians chase gold medals, more and more Americans are chasing gold bars. 🥇 Unfortunately, scammers are also in the race and they’re not too far behind. 👿
Here’s Five Fast Facts on scammers and gold:
- 💰 At the Bar - As the economy continues to run shaky, more and more people are buying up gold. According to the World Gold Council, global gold demand topped 5,000 tons for the first time ever. And you know who else loves this? Scammers.
- 🥸 Playing Pretend - Law enforcement is warning about a growing gold bar scam where criminals pretend to be government officials and pressure people into handing over gold. So far, these schemes have already caused tens of millions in losses.
- 🏎️ Gold Rush - Crooks love to contact victims out of nowhere and claim there’s an urgent problem with their money or identity. They pretend to be from the government, a bank, or tech support to sound legit. Then they rush people into handing over cash or gold before they can think it through.
- 🤘 Heavy Metal - Scammers love gold because it’s easy to carry and hard to track. Unlike a bank transfer or credit card payment, once it’s handed over, it’s usually gone for good. Scammers also mix gold with crypto or wire transfers because all of them move fast and are tough for authorities to trace.
- 👴🏼 Seniors Beware - Older Americans get targeted more in gold bar scams, especially those close to retirement. Scammers assume they have more savings, which makes it easier to pressure them into buying gold bars.
🔥Bottom line: If you get a weird message saying your money’s unsafe at your bank or asking you to move funds around, look alive! Legit financial institutions will never hit you up out of the blue or pressure you into taking action. While we’re talking about scams, tax season is also prime time for funny business. In this article, we show you how to spot IRS scams and stay safe.
Got any gold bars buried in your backyard?
Let us know by connecting with us on Facebook and Instagram! Also, remember to share this newsletter with your friends & coworkers!
BTW, If you’ve read this far and haven’t yet signed up for the weekly Paycheckology newsletter, CLICK HERE!
