Scam That Encourages Maine People to Convert Money to Gold

Belfast Police are warning Maine residents about a scam that's emptying bank accounts through a sophisticated con.

Maine Police Warn Residents of a Scam Involving Converting Money to Gold

This scam isn't new, but it's making its way through the state once again, leaving devastated victims in its wake.

It starts with a phone call, text, or computer pop-up message from someone claiming to be tech support, bank fraud investigators, or government officials, like the FBI or Federal Trade Commission.

The scammer says the victim's bank accounts have been compromised, hacked, or linked to serious crimes like child exploitation or drug trafficking.

In order to protect those funds, the scammer instructs the victim to urgently liquidate their savings, take out cash, and convert it into gold bars or precious metals.

They claim this will safeguard that wealth from being seized.

A courier, who's part of the scam, will then be dispatched to the victim's home or a public location to collect the gold for safekeeping.

Once that courier drives away, the victim's money is gone. With the gold out of the banking system, it's nearly impossible to trace or reverse, according to authorities.

Belfast, Maine Police Have Provided Tips to Protect Against the Gold Scam

Belfast Police have a few 'golden rules' to help Maine residents protect themselves.

The first tip-off that this is a scam is the request for gold. No legitimate entity will ever ask a person to buy gold, silver, or crypto to protect their money.

Residents are advised to never hand their assets to a stranger because no real agency will ever send a courier to your home or meet you in a parking lot to take cash or valuables.

If you receive an urgent call about your money being frozen hang up immediately. Never call phone numbers provided in computer pop-ups.

Verify or, more likely, debunk what the scammer is claiming by calling your bank or financial institution directly using the official number printed on the back of your debit/credit card - not the number the scammer gives you.

What Maine Residents Should Do If Victimized By a Scam

If you're targeted by one of these scammers and/or if you've fallen victim to the scam, Belfast Police have more advice.

The first things to do is contact your local Maine Police department right away to report the incident.

Saco Police have successfully intercepted couriers in the past, and made arrests, but officials need to know very quickly after it happens.

Victims can report the details immediately on the FBI Crime Complaint Center website, and submit a fraud report directly to the  Federal Trade Commission.

If the victim is 60 or older, find specialized help completing fraud reports by calling the Department of Justice Elder Justice Hotline at 1-833-FRAUD-11. (1-833-372-8311)