'Buy gold and leave it in the forest' — what is Norway's new 'gold-drop' scam?

In Norway, scammers are persuading unsuspecting individuals to buy gold and leave it in the forest. This fraudulent scheme is causing people to lose their savings. Banks have issued warnings, urging the public not to fall for the tricks of strangers.

Gold is often considered a safe investment for difficult times, but scammers are exploiting this very trust. A fraudulent scheme has emerged in Norway where victims are instructed to purchase gold and then leave it in a forest.

The scammers assure the victims that their gold will remain safe and that they will profit when its value increases. In reality, however, the precious metal disappears, and the victims lose their savings.

Cases reported in Oslo and Bergen

According to Gry Nergård, Director of Fraud Prevention at Finance Norway, the first such incidents surfaced in the spring. Subsequently, similar cases were recorded in the capital, Oslo, its surrounding areas, and the western coastal city of Bergen. While the organization has not yet disclosed the total value of the gold stolen through this scam, the situation has raised significant concerns among banks and financial institutions.

How are scammers ensnaring their victims?

According to Finance Norway, a financial services industry organization, many bank customers have fallen victim to this scheme. Scammers convince individuals to invest in gold, promising them substantial returns.

They then persuade the victims to purchase gold and instruct them to leave it in a forest or some other secluded location, claiming that someone will collect it and keep it safe. Once the gold is left behind, it vanishes, leaving the victims to suffer financial losses. Banks Issue Warnings to the Public

To prevent such incidents, Finance Norge and Norwegian banks have launched an awareness campaign. The public is being advised not to purchase gold at the suggestion of an unknown person, nor to leave valuables in isolated or unattended locations.

Before investing in gold, thoroughly verify the details of the company and the investment scheme. Remember, purchasing gold does not, in itself, guarantee security. Remain cautious if someone provides unusual instructions in the name of an investment or entices you with promises of large returns.

Losses of Hundreds of Millions Due to Fraud Last Year

According to Finance Norge, Norwegian banks and their customers suffered a total loss of 962 million Norwegian kroner due to financial fraud last year—an amount equivalent to approximately 100 million US dollars. Meanwhile, banks successfully prevented potential fraud amounting to over 3.5 billion kroner.