Fraud Alert: Gold Coin Scam

As the value of gold rises, gold coin scams are on the rise as well. A tried and true way gold coin con artists find their victims is through cold calling.

How it works:   
A caller may try to convince you that buying gold coins is a hot investment and that you can double or triple your money practically overnight. The caller may send coins, but they will be nowhere near the value you paid for them.

What you should know:  
Professional gold coin dealers don’t make cold calls to find buyers. If a caller tries to sell you gold coins, chances are it’s a scam.

What you should do: 

• If you get a call about collecting coins, simply hang up.
• Learn to spot persuasion tactics. Pitches that include, “This investment will make you rich” or “These coins are very rare and you can’t find them anywhere else” are classic scam lines.
• Before making an investment, check to see if the person selling you the investment is registered with the Professional Numismatists Guild, or is a financial adviser who is a registered broker.

If you’re under financial pressure, you may be willing to take more risk and perhaps even make more quick decisions without doing your due diligence. If you’re feeling financial stress, beware that it’s a risk factor for fraud.

For more information, check out an in-depth article on coin scams that recently appeared in AARP the Magazine here.

Spotted a scam?  Tell us about it.  Our scam-tracking map gives you information about the latest scams targeting people in your state.  You’ll also find first-hand accounts from scam-spotters who are sharing their experiences so you know how to protect yourself and your family.