The Oregon Department of Justice had a press release in August with an urgent warning about a new scam that’s come to the Pacific Northwest. The new scam has been named the Gold Bar scheme. Cases in Oregon have begun to rise and similar reports of a Silver Bar scheme in other states have been noted. 

Federal and state law enforcement agencies have documented a scheme pattern of:

1. Initial Contact – Scammers reach out by phone, email, or text and often pose as a government agency or financial institution.
2. False Emergency – They claim your financial accounts are compromised or under investigation.
3. Asset Conversion – They urgently tell you to withdraw your money and convert it to gold or other valuables for “protection.” 
4. Courier Collection – A courier arrives to pick up the gold, promising it will be stored safely.
5. Disappearance – Once the gold is handed over, the gold/valuables and scammers are gone.

Fraudsters have a way to trick you into thinking this is real. It’s helpful to know that a government agency or financial institution will never call and pressure you to withdraw and convert funds. Click here to read the full ODOJ press release or watch the KATU News interview on YouTube on the dos and don’ts of the Gold Bar Scam. 

Scammers are getting sneakier and stepping up their game. Pretending to be a familiar person or trusted company, tugging at your emotions just enough to make you let your guard down and give our personal information or make a hasty decision. Here are some tips and tricks to make sure you never get caught:

Remember STOP:

Sender – Verify the sender’s identity
Tone – Look for urgent or alarming language
Offers – Be skeptical of offers that seem too good to be true
Phishing – Be wary of links that look odd, unfamiliar, or lead to fake websites

Key things to keep in mind:

• Heritage Grove will never call, email or text asking for sensitive information, such as:
  • Login credentials
  • PIN
  • Full SSN
  • Debit/Credit card numbers
  • CVV code

• Always access digital banking from Heritage Grove’s website or mobile app. 
• Enroll in push notifications, enable two-factor authentication, and ensure your financial institution has your up-to-date contact information. 
• Never click on links in text messages, unless you’re certain of the source.
• Be suspicious of communications asking for sensitive information – don’t provide personal information. 
• Scammers can use urgency to put you at risk of making sensitive decisions quickly. Don’t rush! Take the time to think through the request and consider whether the call, text or email is real. 
• Call the family member, friend or company directly from a number you know or google search the company and find their phone number on their website. 

If you think you are a victim of a scam:

• Don’t be afraid or embarrassed – scams and fraud happen often, and we are here to help you.
• Contact your financial institution immediately – the sooner you let them know, the easier it is to help you with your accounts and loans. 
• Monitor your credit – enroll in our free Credit Score Solution within our digital banking and review your credit score and report periodically. You can also receive free credit reports once a year from annualcreditreport.com. 
• If you think someone might be using your personal information – you can report it at ftc.gov. 

Questions? Call/text 503.588.0211 or email creditunion@ourgrovecu.com.

Read more fraud prevention posts:

• Fraud Unmasked: How to Recognize and Avoid Common Scams
• Passwords 101: What Every Member Should Know
• The Subtle Clues You’re Being Scammed (and How to Stop It)