BBB Warns of Scam Targeting Older Adults Converting Their Savings to Gold Bars

Thursday, July 23rd, 2026 -- 9:01 AM

BBB Wisconsin (BBB) is warning consumers about a growing scam that pressures victims, often older adults, to convert their savings into gold bars and then turn the gold over to criminals claiming it will be kept safe.

The scheme can cost victims hundreds of thousands of dollars, sometimes wiping out their life savings. Several Wisconsinites have recently reported combined losses totaling nearly $3 million dollars to BBB Scam Tracker.

It often begins with a pop-up warning on a computer, followed by a phone call from someone pretending to be with tech support. The victim may then receive additional calls from people posing as bank representatives, government officials, or other trusted organizations who claim they are calling to offer help.

One such caller purported to be with the victim’s financial investment company. Another claimed to be a representative of the BBB, who said “I can see everything that is happening and I'm here to help you."

In many cases, scammers convince victims that their bank accounts have been compromised and that the only way to protect their money is to purchase gold. The criminals use fear, urgency, and confusion to pressure victims into acting quickly before they have time to question what is happening.

One Winnebago county woman told the BBB Wisconsin that she told the perpetrators that she is not computer savvy, and said, "the scammers helped me by walking me through every step and providing detailed instructions to follow.”

They also convinced her to buy more than 100 gift cards totaling several thousand dollars as well as bitcoin from a machine at a local motel. Anyone who is told to liquidate assets or buy gold bars to protect their money should treat it as a scam.

Hang up immediately, do not follow the caller’s instructions, and contact both local law enforcement and your bank directly using a trusted phone number. According to reports made to BBB Wisconsin, consumers purchased gold bars (and in one case $113,000 in gold coins) and later met with couriers who arrived to collect it for supposed “safekeeping.”

Scammers may also spoof phone numbers so calls appear to come from a legitimate source. BBB is urging the public to stay alert as this scam continues to circulate. The criminals behind these schemes are convincing, highly manipulative and can drain victims’ savings quickly.

If a caller claims your money is at risk and instructs you to buy gold, move funds, or meet a courier, stop communication immediately and report the incident to authorities.

BBB also recommends checking in on the seniors in your life to make sure they are not being targeted by scammers, engaging in suspicious conversations, or sharing personal information with anyone they do not know or trust.

Feel free to contact us with questions and/or comments.