Warning Issued About Investment Scam Targeting New Yorkers
New York State Police announced a rising investment scam on August 7, where fraudsters convince victims to sell their savings and purchase gold bars or coins, which are then collected by couriers. The scammers falsely claim that these assets will be converted into cryptocurrency investments.
Authorities have noted that these scams typically begin with unsolicited messages via text or social media, exploiting online relationships to build trust over days or weeks before directing victims to counterfeit investment platforms showing fictitious profits. They are increasingly pushing victims to acquire physical gold instead of sending money online, complicating the recovery of assets once collected.
Police emphasize that no credible financial institution or law enforcement agency would instruct anyone to buy gold or transfer assets to protect their finances. This warning aligns with a June 2025 alert from the FBI describing a similar trend in cryptocurrency investment fraud.
Scammer Tactics
Scammers often resort to in-person cash pickups if banks raise red flags regarding suspicious transactions. These couriers may present themselves with passwords or match cash serial numbers to assure victims before collecting money.
Recent federal cases show how these schemes are targeting vulnerable populations, particularly the elderly. For example, charges were filed against three individuals in Missouri for deceiving senior citizens out of approximately $8 million under the guise of protecting their financial accounts.
A notable case reported in the August 2025 Justice Department update involved a woman sentenced to 28 months for laundering around $3.5 million through such scams, where victims were manipulated into sending more funds after being shown fake investment returns.
Rising Violations Reported
According to the FBI’s 2025 Internet Crime Report, there were 61,559 complaints related to cryptocurrency investment fraud, amounting to $7.23 billion in losses—a 48% increase in the number of cases and a 25% rise in total losses from the previous year. Collectively, across all scams involving cryptocurrency, Americans reported more than $11 billion lost.
Safety Recommendations
Victims are advised to cease communication with suspected scammers, notify their financial institutions, and report incidents to the Internet Crime Complaint Center. Authorities indicate that recognizing the broader patterns of these scams can help in prevention and recovery efforts.
For further updates about investment fraud and related warnings, stay tuned and verify information through reliable sources.
