Nationwide gold investment scam lures victims with bizarre hand-off methods
Norwegian banks warn that fraudsters are convincing people to buy real gold and then hand it over at odd locations, claiming they will sell it later for profit.
A wave of gold-investment fraud is sweeping Norway, with banks reporting a sharp increase in cases since spring. Scammers persuade victims to buy authentic gold from nearby shops, then claim they will store and later sell it when prices rise. Instead of meeting in an office, the fraudsters ask victims to leave the gold in remote spots such as ditches or under vegetation, citing last-minute obstacles.
Gry Nergård, director of anti-fraud at Finans Norge, says the perpetrators are highly skilled at building trust and targeting vulnerable individuals, including pensioners and those willing to borrow money for the investment. The fraudsters also misuse the branding of established gold dealers and run deceptive social-media advertisements. Authorities advise anyone asked to hand over gold in such a manner to treat the request as a red flag.
Why it matters
The scam exploits trust and could cost vulnerable Norwegians significant savings.
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