Gold Bar Scam

Scammers are targeting people, especially older adults, with something called a “gold bar scam.” These scams often start with phone calls, pop-up messages, emails, or texts pretending to be from the government, police, banks, fraud departments, or tech support.

How the Scam Works

The scammers try to convince victims that:

• Their bank account has been hacked or is no longer safe
• Their bank is involved in fraud or under investigation, so they should not talk to bank employees
• They must move or protect their money immediately
• They are being investigated for a serious or embarrassing crime, and if they do not cooperate, they could be arrested or exposed publicly

The scammers then tell the victim to withdraw large amounts of money or wire funds to buy gold bars or other precious metals.

After the gold is purchased, the victim is told to either:

• Go home, show the gold on a camera, and wait for a courier to pick it up
• Or deliver or ship the gold to a “secure location”

Sometimes scammers arrange to meet victims in parking lots to collect the gold directly. Scammers may also have access to the victim’s phone or computer camera to watch and make sure instructions are followed. Once the gold is handed over, it is usually very difficult or impossible to recover.

Please be aware that government agencies and financial institutions do not instruct people to buy gold to safeguard money.

As a reminder, never give your online or mobile banking user ID and password combo, full account or card number, PIN number, 3 digit CVV Security Code, or full Social Security Number unless you called us directly at 931.431.6800. Anytime you are in doubt about the authenticity of a message or call you receive, please call or text us at 931.431.6800, reach out to us via web chat or video chat, or come see us in person at one of our branches. We will be happy to help confirm if the communication is legitimate or not.