State Police Warn About Cryptocurrency and Gold Scams Targeting Older Adults

New York State Police have issued a warning about a growing financial scam that targets older adults and can result in victims losing their life savings.

The scams often begin with an unsolicited text message, social media contact, or online friendship. The scammer may spend days or weeks developing a relationship and gaining the victim's trust before introducing what appears to be a profitable investment opportunity.

Victims are then directed to fraudulent investment websites or apps that show substantial returns on their investments. In some cases, scammers instruct victims to purchase gold bars or coins from local dealers instead of transferring money electronically.