The Oregon Department of Justice has issued an urgent scam alert, warning residents of a “gold bar scam” that has already seen at least one Oregonian lose tens of thousands of dollars. The scam operates by convincing individuals that their bank accounts are compromised and that converting their money to gold is the safest option. This call to action arrives in the wake of another victim reportedly losing $600,000, with these scams occurring not just in Oregon but across the nation. “These scams are cruel, calculated, and financially devastating,” Attorney General Dan Rayfield stated, as reported by the Oregon Department of Justice.
Here’s how the scam works: victims receive communication, through phone, email, or text, often impersonating a government agency or financial institution. They are then told that their financial accounts are breached, frozen, or under investigation. The scammers urge the victims to withdraw their money and convert it to gold or other valuables for “protection,” and subsequently, a so-called courier collects the valuables, alleging that they will be stored safely. After the collection, the scammers disappear with the assets.
The ODOJ has clarified that no legitimate government or banking entity will ever ask individuals to buy gold to protect their assets, send a courier to collect valuables, or pressure them into immediate financial decisions. Protecting oneself is crucial, involving hanging up on suspicious calls, not sharing personal information, and reporting any suspected scam attempts. “If someone tells you to buy gold to keep your money safe, it’s a scam—full stop,” Rayfield affirmed, as per the Oregon Department of Justice.
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