Gold Scam Stopped: How Coins Online Protected Collectors

Gold scam attempts are rising—and Coins Online recently caught two in the act. We don’t just talk about security—we act on it. In July 2024, two nearly identical gold orders came in via wire transfer from separate customers. Something didn’t feel right. After a quick phone call, we realized both clients had fallen victim to a gold scam known as the “phantom hacker” con.

Thanks to fast thinking, we canceled both orders, returned the funds, and protected these individuals from losing thousands. Now, we’re sharing what happened—so you can collect precious metals with confidence and stay informed about how gold scams work.

What Is the “Phantom Hacker” Scam?

The “phantom hacker” scam is a sophisticated scheme flagged by the FBI in early 2024. It typically begins with a fake virus warning or suspicious link. A fraudster, impersonating a government agent, calls and convinces the victim their computer—and bank accounts—have been compromised.

They tell victims to move their money to “safe accounts”—sometimes in the form of gift cards, cryptocurrency, or gold bars. This gold scam is designed to be urgent, convincing, and devastating.

In January 2024, the FBI released a Public Service Announcement (I-012924-PSA) detailing the growing threat of this scam. As the FBI notes:

“Criminals impersonate tech support, financial institutions, and government agencies in a complex scheme to convince victims their funds are at risk.” — FBI Internet Crime Complaint Center

How We Detected a Gold Scam in Progress

On July 18, 2024, we received two high-value wire transfers from separate customers—both placed online, both requesting similar gold bars, and both appearing just a little… off.

Rather than fulfill the orders automatically, our team at Coins Online did what we’ve done for decades: we called each client personally. Within moments, we realized both had been manipulated into buying gold as part of a gold scam.

The fraudster had told each customer to purchase gold bars and transfer them to a supposed federal agent. Fortunately, our call stopped that from happening. We canceled both orders, refunded the full amounts, and guided both clients to their local authorities and banks.

We also reported the scam to the FBI, the Professional Numismatists Guild (PNG), and the National Coin & Bullion Association (NCBA) to help protect others in the precious metals community.

How Coins Online Keeps You Safe from Gold Scams

We’ve been trusted by collectors since 1989, and we take that trust seriously. Gold scams may be evolving, but so are our security measures. Here’s how we safeguard every order:

🔎 Proactive Fraud Detection

We manually review all large and unusual orders, especially when wire transfers or overnight behavior changes are involved.

📞 Personal Contact

If something seems off, we call. Speaking directly with our customers helps us spot gold scams before they go through.

🛑 No-Risk Cancellations

If we detect fraud, your order is canceled, your money is returned, and you don’t lose a cent.

🧠 Educated Staff

Our seasoned team knows how scammers operate—and how to spot patterns others might miss.

With Coins Online, you’re never just a transaction. You’re part of a collecting legacy that puts people before products.

How You Can Avoid a Gold Scam

While we’re always on guard, here are some steps you can take to protect yourself from a gold scam:

• Never trust unsolicited pop-ups or cold calls about bank or device security.
• If someone tells you to buy gold “for safety,” hang up immediately.
• Verify with your dealer directly. Use only the official contact information from trusted sources.
• Report suspicious behavior to your bank and to the FBI Internet Crime Complaint Center.

Collecting Should Never Feel Risky

At Coins Online, we believe building a gold collection should be exciting, not stressful. That’s why we stand guard between you and gold scams—with decades of experience, top-tier security practices, and a genuine commitment to your trust.

Coins to Collect with Confidence

While we’re talking security, here are two premium products you can browse with total peace of mind:

• 1 oz Gold American Eagle – Brilliant Uncirculated
  America’s flagship bullion coin, fully authenticated and ready to ship.
• $20 Saint-Gaudens Double Eagle
  A legacy coin with timeless beauty and solid collector value.

Every product on our site includes full grading details—no surprises, no uncertainty.

Stay Smart, Stay Safe, and Keep Collecting

The best collections aren’t just valuable—they’re protected. At American Rare Coin & Collectibles, we’re committed to being a trusted partner in your collecting journey—not just a transaction.