State Police Warn of Cryptocurrency and Gold Scams Targeting Older Adults

New York State Police are warning residents about sophisticated scams involving cryptocurrency and physical gold, with older adults among those being targeted.

Unlike scams that begin with an obvious demand for money, these schemes may unfold over time. Fraudsters can first make contact through text messages, social media or online investment platforms, gradually building trust with their victims before asking them to move money.

Eventually, victims may be instructed to purchase cryptocurrency or physical gold. In some cases, scammers tell victims to hand gold over to a courier who arrives to collect it.

Another major warning sign is secrecy. Scammers may instruct victims not to tell family members what they are doing or coach them on what to say if a bank employee questions a large withdrawal or unusual transaction.

Why This Matters in Tompkins County

The warning has particular relevance locally.

Tompkins County has previously experienced a gold-bar scam involving substantial financial losses. Once gold, cash or other physical assets are handed to someone, recovering them can be extremely difficult.

State Police are reminding residents that legitimate financial institutions, law enforcement agencies and government organizations will not instruct someone to purchase gold or cryptocurrency and then turn it over to a courier.

Residents should be suspicious of anyone who unexpectedly contacts them with an investment opportunity, pressures them to act quickly, asks them to convert savings into cryptocurrency or precious metals, or tells them to keep a transaction secret.

If something feels unusual, stop before sending money or surrendering property. Talk with a trusted family member, contact your financial institution directly using a known phone number, or reach out to law enforcement.

Family members may also want to discuss these scams with older relatives before they receive one of these messages. Because scammers can spend considerable time establishing trust, recognizing the warning signs early can make all the difference.

The New York State Police warning was reported Sunday, August 9 by FingerLakes1.