FBI warns of targeted gold scam to drain 401(k) accounts

ST. LOUIS COUNTY, Mo. – Scammers are using a new tactic on older adults to clear their 401(k) checking or savings account.

“People are being scammed over the telephone from people claiming to be from the police department, FTC, or their bank, saying their money is in danger and need to get it out as soon as possible and convert it into gold or bitcoin,” Julie Crawford, CFO of Scotsman Coin and Jewelry, said. “They’ll threaten people with physical harm or their children.”

Crawford says through their customer experience, they’ve noticed this happen at least three times. An older adult comes in wanting to buy gold coins.

The FBI issued a warning in January on this kind of scam.

“Always doubt and check it out. You’ll notice I said always doubt—not if in doubt—people don’t doubt, and that’s how they get it trouble,” Rebecca Wu with FBI St. Louis said. “If you get a call from the bank saying your account was hacked, find the number through another source and contact the bank on your own.”

Law enforcement recommends older adults to talk with family members, especially it it comes to large sums of money being requested.

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