Devious scammers pose as FTC agents — convince elderly victims to drain savings for gold bars

Scammers posing as Federal Trade Commission agents have persuaded older people in several US states to convert savings into gold bars, then sent couriers to collect them. The cases show how fraudsters use convincing stories about threatened bank accounts and fake official authority to steal large sums from retirees.

In Wyoming, a woman handed over about $131,000 in gold after being urged to buy as much as $460,000 worth; police, a coin shop owner and the victim staged a hand-off using the password “tulip”, leading to the arrest of courier Jithin Sunny. In Wisconsin, a victim was directed from a fake computer-virus alert to callers claiming to be officials, and bought gold for a courier later arrested on suspicion of conspiracy to steal more than $100,000. A cybercrime professor said organised criminal groups adapt familiar scams by building trust before asking victims to transfer money or valuables.