New Scam Has Criminals Posing As Cops

The newest scam to hit Britain’s streets is criminals acting as police officers, who are deceiving people into withdrawing cash to purchase gold and jewelry, according to the significant bank HSBC UK.

According to HSBC, a new “twist” in these scams involves the use of gold or jewelry as a means to trick victims into withdrawing vast amounts of money from their bank accounts. The victims are then led to believe that the stolen assets would be securely stored or used as evidence in court.

Scammers tell their marks that bank employees are plotting to steal money from their accounts or that they have been selected to assist with an investigation to fool their unsuspecting victims.

According to David Callington, director of fraud at HSBC UK, fraudsters switch up their approach from time to time, trying to stay one step ahead of banks and the police. At this time, there seems to have been a recent uptick in the number of scams involving the purchase and physical surrender of precious metals and jewelry.

Aside from the apparent financial loss to the client, the victim may also be physically hurt since the fraud involves a meeting to complete the transfer. There’s no telling what a face to face interaction with a criminal may bring.

Victims of impersonation schemes, according to the bank, may lose hundreds of thousands of pounds—a figure that can change their lives forever.

If someone calls you and asks you to purchase or give them money for gold or jewelry, HSBC says to hang up right away. If you have been a victim of fraud, you should contact Action Fraud at the number that appears on the reverse of your bank card.

Bank officials issued a warning that unsuspecting victims of scam calls run the risk of losing hundreds of thousands of pounds. Some advice from HSBC on how to recognize these frauds was offered. Someone may try to convince you that the bank has cheated on you and that you should never trust them again. Scammers may pose as law enforcement officials requesting your assistance.

Actual fraud investigations would never recommend purchasing gold or jewelry as a kind of protection.