Crazy Money! Gold Bar Scam

It’s Crazy Money Day! 

Someone claiming to be a federal agent called an elderly woman to report identity theft. Working with his colleagues while on the phone, he told her there was only one way for her to protect her money. She must convert it to gold and hand it over to him. Meanwhile, government officials would be working to issue her a new Social Security number. The woman converted $800,000 worth of assets into gold bars. She met the caller at a Walgreens parking lot near her senior living community where he posed as a federal agent. A relative heard about it and contacted authorities who set up a sting and made the arrest.

From May to December of 2023, $55 million was lost in this cash-to-gold scam. Sadly, this type of crime is usually under-reported because victims are too embarrassed to confess to getting conned. Yet, keeping it under wraps only means others will suffer as well. This year, an 80-year-old individual in Missouri reported losing $429,000 in the gold bar scam.

So here’s how to protect yourself and your loved ones. First, the government doesn’t communicate with text messages or phone calls. Never respond to someone who urges you to act immediately. Don’t make large financial decisions without at least two trusted advisors. When it comes to money, having at least two unrelated people creates an extra level of accountability for your protection. Proverbs 12:20 says, “Deceit is in the heart of those who devise evil.”

And if you’re struggling to pay off your credit cards, Christian Credit Counselors will help. They’ll create a debt management plan that works for you. For more information visit crown.org/ccc.