Watkins Glen, NY — Schuyler County Attorney Steven J. Getman is urging senior residents and their families to be aware of a growing nationwide fraud scheme commonly referred to as the “gold bar scam,” which has led to significant financial losses for older adults in other parts of New York and across the country.
According to federal and state authorities, scammers typically contact victims by phone, email, or text, falsely claiming to be representatives of the federal government, law enforcement, or a financial institution. Victims are told their bank accounts or assets are at risk and are instructed to withdraw large sums of money to purchase gold bars or other precious metals to “protect” their savings. In some cases, victims are directed to deliver the gold to couriers or arrange shipments to the scammers.
Law enforcement agencies, including the FBI, U.S. Department of Homeland Security, and the Federal Trade Commission, report that losses from gold bar scams reached hundreds of millions of dollars nationwide in 2024 alone, with seniors being the primary targets.
“At this time, there have been no public reports of Schuyler County residents falling victim to this scam,” said County Attorney Getman. “However, given the rapid spread of these schemes throughout New York State and neighboring regions, it is critical that our senior community be informed and vigilant.”
Key warning signs of a gold bar scam include:
Claims that you must act immediately to protect your money
Requests to buy gold, silver, or other valuables as a safeguard
Instructions to keep the transaction secret from family or bank staff
Anyone claiming to be a government agent asking for money, gold, or financial transfers
Important reminders:
Legitimate government agencies and law enforcement will never ask you to buy or deliver gold or other valuables.
Banks, the IRS, Social Security Administration, and law enforcement do not request payments by precious metals, wire transfer, or courier pickup.
What Schuyler County residents should do if they suspect a scam:
Stop all contact with the individual immediately
Do not send money, purchase gold, or share personal or financial information
Residents who believe they may have been targeted or victimized are encouraged to report the incident to:
“Reporting suspected scams helps protect not only the individual involved, but also our entire community,” County Attorney Getman added. “If something doesn’t feel right, trust your instincts and reach out for help.”
Schuyler County officials encourage family members, caregivers, and neighbors to discuss these scams with seniors and to help them recognize the warning signs before harm occurs.
For more information on avoiding scams, residents may also consult resources provided by the Federal Trade Commission and the FBI.
