Scammers trick older people into leaving gold in forests, public places; should you be worried? Here’s how to stay safe

Scammers in Norway are luring people into leaving gold in forests and public places with promises of safe storage and high returns. The gold later disappears, leaving victims with significant losses. The fraud often begins with a phone call offering investment opportunities in gold. Scammers collect the gold from victims, who are typically older individuals, and claim courier issues to demand further payment.

Banks have limited options aside from customer warnings. Tavex Gull og Solv, a gold dealer, has seen around 20 fraud cases involving losses due to gold left in unsafe locations. Victims have been persuaded to purchase substantial amounts of gold, sometimes up to 20 ounces. Similar scams have led to major financial losses in the United States.

Norway's banking group, Finans Norge, has estimated losses of 962 million kroner to fraud last year. They are raising awareness about this scam through a public initiative. Indians should be wary of such schemes and avoid handing over gold to unknown collectors. To protect themselves, they should verify companies independently, discuss suspicious requests with family members, and avoid sharing OTPs or installing apps suggested by unknown callers.

Immediate action, such as contacting the bank and reporting the incident, is crucial if money is lost.