Precious metals frauds are on the rise and scammers prey on fears related to the durability of the United States financial system. These frauds promise “safe” investments, but the reality is the fraudsters sell the metals at inflated prices and charge high commissions. The fraudsters target senior citizens and pre-retirement investors, convincing them to turn over their savings or retirement accounts, through self-directed IRAs, to invest in precious metals.

Gold, silver, or other precious metals scams often begin with an unsolicited email, phone call, or brochure in the mail. Maybe you ran across an online advertisement, video, or message-board post that touted the benefits or safety of precious metals. If so, you’re not alone. Millions of Americans see these messages every day.

Unscrupulous, high-pressure salespeople have pressured thousands of unsuspecting investors into losing millions of dollars due to false claims, overpriced coins, or excessive or hidden fees.

If you paid a scammer with a credit or debit card, you may be able to stop the transaction. Contact your credit card company or bank right away. Tell them what happened and ask for a “chargeback” to reverse the charges.

If you paid a scammer using a money transfer app, contact the company behind the app. If the app is linked to a credit card or debit card, contact your credit card company or bank first.