Precious Metal Investment Scams Attempting to Strike Gold with Your Retirement Fund
Retirement scams are nothing new, however scammers are now using the current economic climate to target those who may be worried about their retirement funds. According to Gallup, around 60% of Americans have stock market investments, either directly or through retirement accounts, a statistic that scammers are taking advantage of.
One method that we have identified bad actors using to appropriate funds from victim’s 401(k)s and IRAs is impersonating agents from investment companies via robocalls. However, in reality, these calls are the start of gold investment scams.
How to Spot Gold Investment Scams?
Gold investment scams, and other precious metal investment scams, are targeting retirees who may have a large savings account, often using AI or prerecorded messages. Below is a transcript from a real scam attempt:
“Hello, it’s Natalie from Gold Trust Investing. Every day the US creeps further into debt, and it’s taking your IRA or 401k with it. Investing in gold is a smart way to ensure your savings are protected. Let’s go over the details of this opportunity whenever you’re ready. Press one if you can talk now.”
While on the surface this message may sound legitimate, there are a couple of red flags to look out for:
- Fake company name: This may not be obvious at first, but the company name isn’t real. A legitimate company would be happy for you to do your research on them before going any further with discussions, so do not be afraid to do this.
- Threat of retirement fund being taken away: Threats of any nature are often the tell-tale sign of a scam.
What are Gold Investments Scams?
The purpose of these scams is to convince the target to “invest” their retirement funds into overpriced gold or sham investments.
Bad actors may go further by trying to convince their target to provide their retirement account login information so the bad actors can have free reign of the account. Regardless of their method, the main goal of these scams is for the victim to pay into their fraudulent investment scam, which directly funds the scammers.
Many of these scammers create trustworthy looking websites where the victim can deposit and manage their funds, but when they attempt to take out their savings they are hit with high fees – an attempt by the scammer to steal more cash.
How do I Protect Myself from a Gold Investment Scam?
If you believe that you’ve fallen victim to this scam, or have been contacted by scammers related to gold investment scams, there are a couple of actions you can take:
- Protect your retirement accounts: It is a good idea to use strong passwords and two-factor authentication for retirement accounts
- Do your research: If an investor reaches out to you about your retirement funds, you have every right to put the phone down and do your own research or ask a loved one for a second opinion.
- Submit a report to the FTC: If you are approached or a victim of a retirement fund scam, you can report it to the FTC. By submitting a report, you can help the FTC to track down the scams, prevent bad actors from targeting others and help raise awareness of gold investment scams and other potential precious metal investment scams.
It is best practice to never engage with unknown numbers and report phone numbers being used by scammers to your carrier. If you believe you are the victim of a scam, you can report it to your local police, state Attorney General’s office and the FTC.
Call-blocking apps, including those powered by TNS Call Guardian®, are also a great resource for reporting and blocking unwanted robocalls.
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Robocall Heatmap
Discover which scams are most prominent across the US in our nationwide heatmap that plots the state-by-state picture of scams on a monthly basis throughout 2024.
Unwanted Calls Nationwide Snapshot
TNS estimates that more than 77 billion unwanted calls were made in the last 12 months representing a 32% increase over the last 12 months versus the previous 12 months. This is an increase from the 74 billion unwanted that were recorded between Feb 2024 to Feb 2025. Unwanted calls increased 13% from February to March at 7.2B. This represents an 70% increase from March 2024 to March 2025.
Unwanted calls are comprised of nuisance calls and high-risk calls. The severity of harm of nuisance calls are moderate. The severity of harm for high-risk calls is deemed as a major invasion of privacy that can cause emotional distress.
TNS Heatmap of Originating Unwanted Calls
Top 10 Area Codes for Generating Unwanted Calls – April 2025 |
Top 10 Area Codes for Generating Unwanted Calls – March 2025 |
Top 10 Area Codes for Generating Unwanted Calls – April 2024 |
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TNS Unwanted Call Indices
TNS Calling Trust Index – Last 12 Months |
TNS Complaint Index – Last 12 Months |
TNS Calling Trust Index is a measure of the crowd-source feedback for the unwanted calls that TNS receives in relation to the total number of calls to a subscriber. The index gives an indication of the consumer trust in voice calling and pulls data from our robocall protection platform TNS Call Guardian®. |
Complaint Index is a measure of the FCC complaints for the Do-Not-Call List in relation to the total number of unwanted calls seen by TNS. The index gives an indication to how many consumers are reporting complaints to the FCC relative to the number of unwanted robocalls they receive. |
Take Action for Robocall Protection, go to: ReportARobocall.com
TNS Call Guardian uses real-time call events combined with crowd-sourced data to create accurate and comprehensive reputation profiles differentiating legitimate users from abusive, fraudulent and unlawful ones. Reporting robocall incidents adds important data making our solutions more robust.
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