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The Oregon Department of Justice (ODOJ) is issuing an urgent warning to Oregonians as reports of a sophisticated “gold bar scam” continue to climb in the Pacific Northwest. In the latest case, an Oregon woman was defrauded out of tens of thousands of dollars after scammers convinced her that her bank accounts were compromised and her money would only be safe if converted into gold.
This comes just weeks after another victim lost $600,000 in a nearly identical scheme in Eastern Oregon, while another person in the same county lost $60,000 involving silver bars—just two of countless cases under investigation across the country.
In almost all of these cases, the scammers impersonate financial institutions or government agencies, creating a sense of urgency and fear. Victims were told their money was at risk of being frozen or stolen, and that purchasing gold was the only way to protect their savings. Once the gold was handed over to a so-called “courier” for safekeeping, the scammers vanished.
“These scams are cruel, calculated, and financially devastating,” said Attorney General Dan Rayfield. “If someone tells you to buy gold to keep your money safe, it’s a scam—full stop. No government agency, no bank, no tech support line will ever ask you to liquidate your assets into gold or cash and hand it over to a stranger. Hang up and report it to law enforcement.”
How the Gold Bar Scam Works
Federal and state law enforcement agencies have documented a clear pattern in these schemes:
- Initial Contact – Scammers reach out by phone, email, or text, often posing as a government agency, financial institution, or tech company.
- False Emergency – They claim your financial accounts are compromised, frozen, or under investigation.
- Asset Conversion – You are told to withdraw your money and convert it to gold or other valuables for “protection.”
- Courier Collection – A courier arrives to pick up the gold, promising it will be stored safely.
- Disappearance – Once the gold is handed over, it—and the scammers—are gone.
No legitimate government agency or bank will ever:
- Ask you to buy gold or convert assets to protect them.
- Send a courier to your home to collect valuables.
- Pressure you to make urgent financial decisions on the spot.
To protect yourself and others:
- Hang up immediately if you receive suspicious calls about your finances.
- Call local law enforcement
- Never share personal or financial information with strangers.
- Report suspected scams to the ODOJ Consumer Hotline at 1-877-877-9392 or file a complaint at OregonConsumer.gov.
- File reports with the Federal Trade Commission at ReportFraud.FTC.gov
Source: Oregon Department of Justice