New York Attorney General Letitia James issued a consumer alert on August 7, 2026, warning New Yorkers about an increasingly common fraud known as the “gold bar scam,” which disproportionately targets older adults.
How the Gold Bar Scam Starts With a Fake Computer Warning
According to the official announcement from the Office of the Attorney General, the scheme typically begins with a fake pop-up message on a victim’s computer falsely claiming that the device or the victim’s financial accounts have been compromised or linked to criminal activity. Scammers then persuade the victim to grant them remote access to their computer, after which they manufacture false evidence of hacking activity to make the threat appear real.
Victims are subsequently connected to someone posing as a law enforcement officer or government investigator, who instructs them to withdraw their savings and purchase gold bars or coins from legitimate dealers. The supposed authority figure claims the gold must be turned over to keep the money safe. Victims are also told to keep the matter secret and not discuss it with bank employees or family members. Scammers then send couriers to collect the gold, which is later laundered.
The New York City Police Department has investigated more than 100 gold bar scam cases over the past two years, with total losses exceeding $100 million, according to the attorney general’s announcement.
What Older Adults Should Do if Someone Tells Them to Move Money
Attorney General James offered the following protective tips in the alert: do not call any phone number provided in a pop-up, text, or email; never grant remote computer access to an unknown person; never move money out of a bank account at the urging of someone over the phone; and if someone claims there is a problem with your bank account, hang up and call the number printed on your bank statement to verify directly with the institution. The alert also emphasized that scammers deliberately create a false sense of urgency and swear victims to secrecy — and that the best response is to hang up and consult a trusted person.
New York City residents who believe they have been targeted are encouraged to contact their local NYPD precinct. Anyone who has been victimized by this or a similar scam can file an online complaint with the Office of the Attorney General or call 1-800-771-7755. Deaf or hard-of-hearing individuals can reach the office at 1-800-788-9898.
Readers should verify their specific situation directly with the New York Attorney General’s Office or their financial institution, as individual circumstances may vary.
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The post New York Attorney General Warns of Gold Bar Scam That Has Cost Victims More Than $100 Million appeared first on The Free Financial Advisor.
