Financial fraud is constantly evolving. For years, we’ve been warned about suspicious wire transfers and gift card scams. But as banks have gotten better at flagging digital fraud, scammers have shifted their tactics to something surprisingly physical: gold bars, cryptocurrency, and cash deliveries.

A recent report highlights a worrying rise in "Phantom Hacker" schemes. Here is what is happening and how you can stay safe.

The Setup: The "Phantom Hacker"

The scam usually begins with a phone call. The fraudster impersonates a government official (like the FBI or Federal Reserve) or a tech support agent. They claim your bank account has been compromised or is involved in a money-laundering investigation.

To "protect" your assets, they instruct you to liquidate your bank accounts and move the money into what they claim are "safer" forms of currency. Because they create a sense of fear and urgency, many victims comply before they have time to think.

The Three Main Tactics

Scammers are increasingly bypassing the banking system entirely to avoid detection. Here are the three specific methods they are using right now:

1. The Gold Bar Courier

This is perhaps the most alarming trend. Scammers instruct victims to purchase physical gold bars from legitimate dealers. Once the gold is delivered to the victim's home, the scammer sends a "courier" to pick it up for "safekeeping" in a government vault. In reality, the courier is often an accomplice or an unsuspecting rideshare driver, and the gold is lost forever.

2. The Crypto ATM

Scammers often direct victims to withdraw cash and deposit it into a Bitcoin or cryptocurrency ATM. They provide a specific digital wallet address for the deposit. Since crypto transactions are decentralized and virtually untraceable, once the money is sent, it cannot be reversed.

3. Cash Deliveries

Similar to the gold bar scheme, fraudsters may tell victims to withdraw large sums of cash, wrap it in foil or hide it in boxes, and hand it over to a courier at their doorstep.

Why This is Happening

Banks have implemented sophisticated software to stop fraudulent wire transfers. If you try to wire your life savings to a suspicious account, the bank will likely stop you.

By forcing you to withdraw cash or buy physical goods like gold, scammers remove the bank’s ability to intervene. They are effectively taking the transaction "offline" where there are fewer safeguards.

Critical Red Flags

To protect your retirement and savings, watch out for these warning signs:

• The Request for Physical Assets: No legitimate government agency (FBI, IRS, Treasury) or bank will ever ask you to buy gold, use a Bitcoin ATM, or hand cash to a courier.

• Forced Secrecy: Scammers often tell victims they cannot speak to bank tellers or family members because they are "under investigation." This isolate-and-conquer tactic is designed to keep you from getting a second opinion.

• Extreme Urgency: If someone tells you that you must move your money right now or risk losing it, it is a scam. Legitimate financial issues can always be verified through official channels.

What To Do

If you receive a call like this, hang up immediately. Call your bank using the number on the back of your debit card—not a number given to you by the caller.

If you believe you have been targeted, report it to the FBI’s Internet Crime Complaint Center (IC3.gov) immediately.

https://finance.yahoo.com/personal-finance/banking/article/gold-bars-crypto-and-cash-are-fueling-new-scams-what-to-watch-for-201709556.html