A new scam is targeting seniors—specifically, seniors with investments. Using fear tactics relating to economic insecurity, scam artists are working to convince retirees to trade their hard-earned investments for coins made out of precious metals that don’t hold the same value. Learn how to stay safe today.
How This Precious Metals Scam Works
How does this precious metals scam work?
First, salespeople will prey on fears about society at large—the pandemic, economic issues, or other forms of instability. They’ll attempt to convince their targets that having money in traditional investments is no longer safe.
Their alternative to investments? Buying coins made out of precious metals such as gold or silver.
However, fees and high markups can inflate the cost of these coins. Those who buy them are left with items of far less value than their investments were worth.
AARP reports that, Joe Rotunda, a member of the Texas State Securities Board, has noted that “These scams prey on the concerns that senior citizens may have relating to the economy, their retirement and their financial well-being.”
Be wary of anyone using pressuring tactics to encourage you to buy coins made out of precious metals. Talk to a trusted financial advisor before making any decisions involving large amounts of money. And report fraud to the FTC when possible.
Stay Safe With Help From The Seniors Center
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