The gold bar scam is becoming a favorite for thieves around the world.

Those who prey on others use this scheme because it sounds legitimate. Those targeted are convinced they must act fast to protect their savings and their Social Security.

Many seniors find themselves as a target of these scams. We’ve covered them before, and they show no signs of slowing down. Take this story, that saw a 74-year-old man suffering from memory issues lose $1.1 million to fraudsters.

How Gold Bar Scams Became an Epidemic

The individual in today’s story, a senior from Montgomery County, Maryland, was targeted by a crook who was also connected to other similar scams.

The victim was told his bank savings weren’t safe. He was led to believe that he needed to transfer them into gold bars, and transfer them for safe keeping. What he didn’t know at the time was that this was a scheme to defraud him. The victim became suspicious when he saw a news report about fraud.

The man behind the scheme is 52-year-old Vipul Thakkar. Authorities say he was working with people in India to run scams while residing in Maryland. These scams are shockingly common. Montgomery County authorities state the force has tracked a half dozen victims in a year, with losses totaling over $5.1 million.

Authorities thwarted the theft of an additional $3.4 million in gold bars. In just the past few months, four new cases have emerged.

These scammers operate by impersonating legitimate authorities. Fraudsters impersonate the FBI, IRS, SSA, and other government organizations.

As a reminder, always be suspicious of any communication demanding information, money, or material goods. If you’re unsure if a communication is legitimate, end it. Your best course of action is to contact the alleged organization to verify it yourself, or contact local authorities.

If you want more tips on avoiding scams targeting seniors, bookmark our blog.