Victims being asked to buy gold in new impersonation scam twist, HSBC says

14 February 2024 , 10:47

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Scammers are trying to persuade people to buy gold and jewellery, HSBC is warning (Image: PA Archive/PA Images)

Scammers are tricking people into buying gold and jewellery, HSBC UK has warned.

The fraudsters contact bank customers and may say that you've been picked to help with a bank investigation or that the bank staff are trying to steal money from your account The new twist is where scammers try to persuade the customer to withdraw large sums of cash from their branch and purchase gold or jewellery, which is then handed over to the scammer under the pretence that it will be kept safe or will be used in evidence in court, HSBC said.

David Callington from HSBC UK said: "Scammers are devious criminals who adapt their approach from time to time, trying to stay one step ahead of banks and the police. Over the last couple of months we may have seen the start of a trend where purchasing and physically handing over gold, silver or jewellery has become part of a scam."

He explained that because it's harder for criminals to use cryptocurrency exchanges now, they're finding new ways to steal money: "While this not only leads to the customer losing money through the scam, as there is a physical element to it with a meeting to carry out the handover, there's a potential physical risk to the victim as well. If you receive a call out of the blue about money, it is very likely to be a scam."

People who get tricked by fake calls can lose a lot of money, sometimes even hundreds of thousands of pounds, the bank warned. HSBC shared some tips to help spot these scams. They said you might be told that you've been a victim of fraud in the bank and that you shouldn't trust the bank. The scammers might say they're from the police and need your help.

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They could tell you to buy gold or jewellery to protect yourself, but real fraud investigations would never ask you to do that. If someone calls you asking to buy or give them gold or jewellery, HSBC advises you to hang up right away. If you think you've been scammed, you should call the number on the back of your bank card and report it to Action Fraud.

Lawrence Matheson