Steve Rand
General Manager / Sr. Precious Metals Advisor
Steve Rand is the General Manager and a Sr. Precious Metals Advisor at Scottsdale Bullion & Coin. He brings over 20 years of experience in the physical precious metals markets.
John Karow
Precious Metals Advisor
John Karow is an experienced lawyer and Precious Metals Advisor at Scottsdale Bullion & Coin. He holds degrees from Lehigh University, the University of Missouri, Cornell University, and St. John’s University School of Law. John is a knowledgeable authority in precious metals, dedicated to helping clients navigate economic cycles and gold and silver investments.
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Thousands of retirees across the United States have become targets of a fast-growing scam involving physical gold, with many victims not realizing they’ve been deceived until their assets are long gone. The result has been devastating. According to FBI data cited below, gold courier scams have cost victims more than $530 million over the past two years alone.
Watch this week’s The Gold Spot to hear Scottsdale Bullion & Coin’s Sr. Precious Metals Advisor Steve Rand and Precious Metals Advisor John Karow discuss the fast-growing gold courier scam, why retirees are uniquely at risk, and how you can take measures to protect yourself.
The Explosion of Gold Courier Scams
Over the past few years, an untold number of seniors across the United States have been swindled out of hundreds of millions of their life savings through gold courier scams. In short, criminals are posing as government officials or financial representatives, convincing retirees to convert significant funds into physical gold bars, and retrieving these assets in person. In 2024 alone, these gold courier fraudsters stole $219 million across 525 reported complaints, according to the FBI’s 2024 Internet Crime Report (ICR).
In 2025, those losses surged to $311.8 million, and the number of related complaints skyrocketed to 725, per the 2025 ICR report. While no official data has been released, experts believe 2026 will see another spike in the number of victims and monetary losses. In February 2026, two high-profile raids revealed $50 million in physical gold merchandise stolen from individuals, with seniors being the most commonly targeted demographic.
Although Americans across the country are potential victims of this crime, Arizona is a hotspot for financial fraud. In 2025, the Copper State had the sixth-highest fraud losses among all 50 states, totaling $631 million in a single year, according to the U.S. Attorney’s Office. Tragically, seniors represent the overwhelming majority of targeted individuals in these gold courier scams. From 2023 to May 2025, the FBI indicates that 98% of reported incidents involved individuals older than 60.
Why Are Retirees Targeted So Frequently?
Unfortunately, retirees contain a multitude of characteristics that make them among the most appealing targets of scammers. Officials point out a few of the risk factors, including:
Significant Savings & Good Credit
An American’s net worth tends to peak around retirement age, with those aged 55 to 69 holding nearly double the wealth of their counterparts aged 40 to 54. Furthermore, adults aged 70+ have the second-highest accumulated wealth of any age cohort, according to the Federal Reserve. Fraudsters see these assets as potential avenues for liquidation to optimize their returns.
Eagerness for Financial Security
These criminals purposefully exploit a retiree’s emphasis on financial security. Upon hearing that their assets, credit score, or general financial standing are at risk, this demographic is often willing to act quickly and decisively to solve the issue. Unfortunately, this fiscal responsibility plays into the hands of professional fraudsters who conjure up fake emergencies to elicit significant financial moves in relatively short periods.
General Trust of Officials
Gold courier scammers take advantage of the older generations’ general trust in government officials, law enforcement, and financial personnel. That’s precisely why they impersonate some role of authority. Although faceless, virtual fraud accounts for a significant share of online financial losses; these scammers strategically adopt an official persona to create a false sense of trust among their victims.
Regrettably, this isn’t the only grift that precious metals investors need to safeguard against. Check out our buyer beware reports for the most common scams, along with steps to protect yourself.
“The reason seniors are targeted is simple. They tend to have retirement savings. They tend to be home during the day. They tend to trust authority figures. This scam is built entirely around the appearance of authority.”
John Karow
Precious Metals Advisor
How a Gold Courier Scam Unfolds
Although gold courier scammers are constantly changing their tactics to catch their victims off guard, the FBI describes a general shape that this fraud usually takes:
Step 1: Make Contact
Initially, scammers lay the groundwork by reaching out to individuals, posing as officials or representatives of a trusted institution. Fraudsters often claim to be a member of the FBI, IRS, Social Security Administration (SSA), or other federal agencies. Other times, they’ll purport to represent a bank, financial institution, or even technical support from Microsoft or Apple. The FBI warns that sophisticated scammers use multiple identities at one time to make the contact appear more official and serious. The goal here is to establish credibility and keep the victim engaged.
Step 2: Manufacture an Emergency
Once a sense of legitimacy is firmly established, these scammers fabricate a crisis out of thin air. Fraudsters will make up any emergency to strike fear into their victims, but some of the more common claims include:
- Their bank account or savings have been hacked.
- Their Social Security number or identity has been stolen.
- Their identity has been linked to criminal activity.
- They’re the victim of a cyberattack.
- They owe the IRS or other agencies money.
The combination of posing as a legitimate official with problem-solving abilities and presenting an immediate crisis is what these scammers use to get people to take drastic action.
Step 3: Offer a “Solution”
Here is where the gold courier scam begins to diverge from other fraud. As a proposed solution to the fabricated problem, the victim is instructed to withdraw funds from their bank account or savings, or liquidate a valuable asset to purchase gold bars or other precious metals. The scammers claim that a victim’s assets must be placed into physical metals for “protection,” while the investigation continues.
Step 4: Send the Courier for Pickup
Once the assets have been liquidated and gold has been purchased, the scammer will arrange for a “courier” to pick it up. Sometimes, the criminals will meet victims at their homes or in public locations, such as parking lots. They may provide a case number, a code word, or a badge to appear more legitimate. Trusting the scammer’s identity, victims will hand over their gold.
How to Protect Yourself From These Scams, According to Officials
Numerous government agencies have weighed in on gold courier scams, outlining several ways retirees can protect themselves from this rapidly growing form of fraud. The sheer range of official warnings reflects the broad net scammers cast to ensnare victims. According to the Social Security Administration, FBI, and FTC, consumers should never:
Buy Gold Because a Government Official Told Them To
Federal agencies have repeatedly warned that legitimate government representatives do not instruct citizens to purchase gold bars or coins to protect their assets. If someone claiming to be from the FBI, Treasury Department, Social Security Administration, or another government agency tells you to convert your savings into precious metals, officials say it is a major red flag.
Hand Over Physical Gold, Silver, Cash, or Valuables to a Courier
Government agencies do not send couriers to collect precious metals, cash, or other valuables from private citizens for safekeeping. The FTC has been especially direct on this point, warning consumers that anyone requesting gold bar deliveries or pickups as part of an investigation is operating a scam. As the agency bluntly states: “Always. Every time. It’s a scam.”
“No government agency—not the IRS, not the FBI, not the U.S. Marshals, not the Federal Reserve—will ever ask you to buy gold.”
John Karow
Precious Metals Advisor
Assume a Caller Is Legitimate Because They Claim to Represent an Official Agency or Business
Anyone can place a phone call, send an email, or spoof a caller ID while pretending to represent a government agency, bank, or other trusted institution. Rather than relying on information provided by the caller, officials recommend contacting the organization directly using a publicly listed phone number or official website.
Trust Claims That Your Assets Must Be Immediately Converted to Gold for “Protection”
Gold courier scams frequently rely on manufactured emergencies designed to provoke fear and urgency. Victims are often told their bank accounts have been compromised, their identities have been stolen, or they are involved in a confidential investigation.
While purchasing precious metals as part of a long-term investment or wealth-preservation strategy is a legitimate financial decision, officials warn that no credible institution will pressure consumers to liquidate assets and purchase gold on short notice due to an alleged emergency.
Recovery is Extremely Unlikely, Avoidance is Essential
To make matters worse, the probability of recovering physical gold coins or bars stolen in a courier scheme is extremely low. Some estimates indicate that the recovery rate in crimes involving physical gold assets is an abysmal 0.7%. Unlike bank transfers or online purchases, which leave a digital trail, there is no account to freeze or transaction to reverse. You may read about exceptional strokes of luck when law enforcement retrieves stolen gold, but the vast majority of victims never see their metals or investments again.
“Once the gold leaves your hands, recovery is extremely rare.”
John Karow
Precious Metals Advisor
What Every New Precious Metals Investor Should Know
Fortunately, avoiding gold courier scams is often as simple as understanding how they work and recognizing a few common warning signs. More broadly, taking the time to educate yourself before making any precious metals purchase can help you avoid unnecessary mistakes and make more informed decisions.
If you or someone you know has been targeted or has fallen victim to a gold courier scam, don’t let embarrassment prevent you from reaching out for help. Fraud experts routinely emphasize that these sophisticated schemes often get the better of intelligent, financially responsible individuals from all walks of life.
Although scams are an ever-present danger in any investment decision, education remains the most effective way to detect and avoid these traps. If you’re new to physical gold and silver investing, check out our Rookie Mistakes Guide. It covers several practical lessons that can help first-time buyers navigate the market with greater confidence.
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