The FBI Issues an Urgent Warning: Scammers Targeting Coin Collectors with False Profit Promises
As scams targeting coin collectors increase, the FBI warns enthusiasts and investors alike to stay vigilant. Learn how to protect yourself and recognize the signs of these deceptive schemes.
The FBI has issued a warning about a rise in scams involving collectible coins, where fraudsters falsely promise significant profits to their victims. This alert, number I-062524-PSA, can be found in its entirety here. To date, victims have lost over $9 million to scammers who called them to market alleged collectible coins or coin businesses. There have been over one hundred victims in thirty or more states.
These scams often target inexperienced collectors or individuals looking for investment opportunities, enticing them with the potential for high returns on rare and valuable coins. The scammers typically use high-pressure sales tactics, sophisticated marketing materials, and even falsified documentation to convince their victims of the legitimacy of the investment. Once the victim has invested, the scammers either disappear with the money or provide coins that are worth far less than promised.
These scams can be particularly devastating because they often target retirees or individuals who have set aside significant savings for investment. Victims might not realize they have been scammed until they attempt to sell their coins or have them appraised. It is then that they find out that the coins are either counterfeit, grossly overpriced, or of minimal value. The financial losses can be substantial, and the emotional impact of being deceived can also be severe. Unfortunately, these scams erode trust in legitimate numismatic businesses and can tarnish the reputation of the collectible coin market as a whole.
The FBI advises potential investors to be cautious and conduct thorough research before purchasing collectible coins. This includes verifying the credentials of the seller, seeking second opinions from reputable dealers, and being wary of deals that seem too good to be true. Additionally, investors should consider consulting with financial advisors and numismatic experts to assess the legitimacy of the investment. By taking these precautions, individuals can better protect themselves from becoming the victims of these deceptive scammers and ensure that their investments are sound.
If you, or anyone you know, has fallen prey to this scheme, please file a report with the FBI's Internet Crime Complaint Center at www.ic3.gov. Be sure to include as much information as possible. The information that the FBI will need is laid out in its public service announcement linked above.
Victims aged 60 or over who need assistance with filing an IC3 complaint can contact the DOJ Elder Justice Hotline at 1-833-FRAUD-11 (or 833-372-8311).
See Also: Must-Know Tips to Avoid Gold Scams
