A 'federal agent' says buy gold for his courier to keep my savings safe. Is it real?

The question

An illustrative letter.

The answer

My dear, you did exactly the right thing by stopping to ask. That pause may have saved your life's savings. The man on the phone was not a federal agent. He was a thief, and a practiced one, and the instruction to tell no one was the clearest sign of all.

How does this scam work?

The FBI has warned about it in detail. Criminals call pretending to be from a technology company, your bank or a government agency. Sometimes all three call in turn, each one making the story more convincing. They say your accounts have been hacked and your money is in danger. To protect it, you must turn your savings into cash or gold. Then a courier comes to your home, or meets you somewhere, to collect it and keep it safe. Sometimes they even give you a code word or a serial number so the courier seems official.

There is no safe account. The courier works for the thieves. Once the gold leaves your hands, it is gone.

How common is it?

Sadly, very. From 2023 to May 2025, the FBI documented at least 1,737 cases of couriers collecting cash or gold bars from victims, with losses of about $186 million. Most of the victims were over 60. These are not foolish people. They are careful, polite people who were frightened by someone who sounded official.

How can I be sure it is fake?

The FBI says it plainly: the U.S. government and legitimate businesses will never request that you purchase gold or other precious metals to protect your money. No federal agent will send someone to your door to collect cash. No real investigator will tell you to keep secrets from your own bank or your family. A request for secrecy about money is the alarm bell. Real officials expect you to check their story.

What should I do right now?

• Hang up and do not call back any number they gave you.
• Call your bank using the number on the back of your card or on a statement. Tell them what happened and ask them to watch your accounts.
• Tell your children or a trusted friend today, even though the caller told you not to.
• Never let anyone into your computer. If you installed anything they asked for, or let them connect to your screen, have a trusted person or a reputable repair shop check it, and change your passwords.
• Do not buy gold or withdraw cash for anyone who contacts you out of the blue, however urgent they sound.

Where do I report it?

Report it to the FBI's Internet Crime Complaint Center at IC3.gov, even if you lost nothing. Every report helps investigators find the people behind these calls. If you are 60 or older, the Justice Department's National Elder Fraud Hotline at 833-FRAUD-11, which is 833-372-8311, can help you report it and connect you with support. It is open Monday to Friday, 10 a.m. to 6 p.m. Eastern time. You can also tell your local police.

What if I already handed something over?

Act quickly, and do not let shame slow you down. Call your bank, report to IC3.gov and the Elder Fraud Hotline, and contact your local police. Write down everything you remember: the names they used, the phone numbers, the courier's appearance and any vehicle. Recovery is hard, but fast reports give investigators their best chance, and the scammers often call back for more. Expect that, and do not answer.

Will they call again?

Very likely. Victims who stop paying are often called by someone new, perhaps pretending to be from a law firm or another agency, promising to recover the lost money for a fee. That is the same scam wearing a different hat. Real recovery help never asks for payment up front.

How can I warn my friends?

Tell them. These calls reach whole neighborhoods and congregations, and the people who answer are usually the ones who live alone or are too polite to hang up. Mention it at church, at the senior center or over the fence. Share the FBI's warning with anyone who might receive a call like yours. You might simply say: "A man called me pretending to be a federal agent and told me to buy gold. It was a scam. If anyone calls you like that, hang up and call your bank." One sentence from a friend can do more than any poster.

How do I protect myself from now on?

Make a simple rule with your family: if anyone ever asks you to move money, buy gold, buy gift cards or keep a secret, you call one of them before doing anything. Write the rule on a card by the phone. Let unknown numbers go to voicemail. A real agency will leave a message and wait for you to check.

You were shaken, my dear, but you were not fooled. You asked. Now tell your bank and your children, and help someone else by sharing what happened. These criminals rely on silence. Every person who speaks up makes the next call a little less likely to work.

One thing to do this week

Call your bank using the number on your card, tell one of your children what happened, and file a report at IC3.gov.