Scammers Target Older Adults in Cryptocurrency and Gold Investment Schemes

State Police in New York are warning older adults and their families about a financial scam involving fake cryptocurrency investments and gold purchases. The scammers use 'increasingly sophisticated tactics' to convince victims to withdraw large amounts of cash, liquidate savings, or buy gold with the promise it will be converted into cryptocurrency.

The scams often start with an unsolicited text message, social media contact, or online friendship. Scammers may spend days or weeks building trust before introducing a highly profitable investment opportunity, usually in cryptocurrency or gold.

State Police warn that once the gold is surrendered, it's almost impossible to recover. They advise people to be cautious and remember no legitimate company will ask someone to buy gold bars as an investment or hand over cash or precious metals to a courier.