Suffolk County officials warn of gold bar scam becoming more common on Long Island
SUFFOLK COUNTY, Long Island (WABC) -- Long Island officials are warning the public about an elaborate scam involving gold that is becoming more prevalent. With the price of gold near an all-time high, scammers are taking notice in Suffolk County.
On Monday, elected officials and state law enforcement raised the alarm and released new information on the scheme and ways the community can protect themselves.
Suffolk County District Attorney Ray Tierney said scams are one of the most serious threats in the county and they target people who are vulnerable.
Officials say scammers have been encouraging victims to buy precious metals like gold bars and then hand them over for what they say is safekeeping -- but once handed over, the gold is essentially gone.
The district attorney says the scammers are professionals and will impersonate government, tech-support, bank workers and others. They scare the victims into secrecy and then rush them to get the money quickly for the gold.
Detectives say a woman in Suffolk County was about to buy gold bars and hand them over to scammers, but they got word and intervened.
"Bank investigators are very dialed into these types of scams and they work with us," said Det. Sgt. Tom Gabriel, Commanding Officer of Financial Crimes Unit.
Gabriel said the elderly woman's bank notified police that she was having checks made out from her account to precious metal dealers.
Detectives went to her home and explained how this is a common scam.
"They will keep the victims on the phone for hours, convincing them to withdraw or liquidate their savings and of course, to buy gold or other precious metals or gems," Tierney said.
While at the home, detectives even noticed that scammers were listening to their conversation through the woman's computer and unplugged the device.
"These scammers are masters at psychological manipulation and what they will do is you'll have these people convinced that we are the scammers and not them who are on the other side of the phone," Gabriel said.
Gabriel said there have been over a dozen gold bar scams this year. Tierney said they scare the victims into secrecy and then rush them to get the money quickly for the gold, which they request to be handed over or sent out for what the scammers call safe-keeping.
Awareness and communication are key to defending yourself against becoming the victim of a scam. And the DA says people should never give physical gold to anyone.
New legislation is also being introduced that will require a poster to be displayed in precious metal dealers, in hopes that people may see it and think twice before buying a gold bar and risk getting scammed.
The three detectives who intervened and prevented the woman from handing over the gold bars were honored with proclamations on Monday.
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