Barrie senior scammed out of $725,000 in elaborate scheme with a gold twist

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Police are warning the public about an elaborate scheme with a gold twist that ultimately cost one Barrie resident $725,000.

According to police, what started as a strange warning on a computer screen last month ended in financial devastation for a local senior. Police say the senior was using his computer when it froze after a large icon appeared with a phone number. Unsure of what to do, the man called the number and was advised his computer had been hacked and there had been an attempt to withdraw a large amount of money from his bank account.

“The oddity is that the fraudster then asked the senior if he was willing to help catch those who hacked into his computer,” stated Peter Leon, corporate communications coordinator with Barrie police, in a media release issued Monday.

Police say the senior kept hearing from the fraudster(s), who instructed him to liquidate his investments and purchase gold plates using his bank via wire transfer “all with the promise that he would get his money back at the end of the investigation.” They say the scammer(s) used authentic-looking Bank of Canada letterhead to make the situation all that much more believable.

Once the Barrie man received the gold, police say he handed it over to an unknown person believed to be an accomplice - described as being between 18 and 20 years old - who met him at the end of his driveway. He soon received a letter notifying him the gold had been received and was in a safety deposit box.

“The reality is sadly, this gold will never be seen again and the dollar value it represents can never be recovered,” Leon noted in the release.

Police say the senior became suspicious after the fraudster(s) then requested an additional $850,000 and contacted the authorities.

“Police wish to remind our community that banks do not require you to withdraw your funds to support their investigations,” Leon stated.

To avoid becoming the victim of a scam, residents are urged to avoid clicking pop-ups on devices, responding to strange or odd text messages, or providing sensitive personal information. Furthermore, police say any issues with personal bank accounts or financial matters are not dealt with over the phone “your bank will call you and ask you to attend the branch.”

Finally, police encourage residents to talk with the seniors in their lives and share the details of this latest scam. “They have worked too hard in their lifetime to become the ‘next’ victim,” the Barrie service concluded.