Gold Bars Increasingly Used in Scams in Japan

Tokyo, Sept. 14 (Jiji Press)–Gold bar scam losses amounted to 8.13 billion yen in Japan in the first half of 2026, already topping the 6.02 billion yen lost in all of last year, police data have shown. The National Police Agency estimates that two-thirds of the latest losses, or roughly 5.3 billion yen, stemmed from scams in which fraudsters impersonated police officers. Scammers tell victims, “Your bank accounts have been used in crimes” or make similar claims, and then urge them to send gold bars to speed up investigations. Investment scams conducted through social media in which victims were told to buy gold to put toward investments led to about 2 billion yen in losses. Gold is increasingly chosen because, unlike bank transfers, it is not subject to daily transaction limits or the same level of monitoring for suspicious transactions. The metal is also relatively easy to carry for its value. With gold prices rising, the average loss per case reached about 52.5 million yen, nearly 10 times the average for online or other scams classified as special fraud in Japan. In typical gold scam cases, victims are told to leave the gold at a designated spot, such as outside their front doors or on a park bench, where an accomplice collects it. The collection role is often assigned to foreigners recruited overseas. In other cases, scammers have victims buy gold online and arrange for it to be delivered to a location they specify. People aged 60 and older accounted for 90 pct of the victims. Many had never bought gold before and made their first purchase only after fraudsters instructed them how to buy it and which dealer to use. The agency is trying to turn gold dealers into a new line of defense. In June, it asked for cooperation through industry groups so that potential victims will be identified and suspicious cases will be reported to police. It also prepared checklists covering dozens of warning signs commonly found among fraud victims. Dealers are encouraged to ask customers why they are buying gold and how they plan to store it, and then look for contradictions or other suspicious points in their answers. Fraudsters sometimes coach victims to say they are buying gold for investment purposes. The agency says dealers may nevertheless be able to detect a scam by checking several indicators. It plans to release a collection of case studies and provide training for employees handling sales at stores and by phone. The agency also has urged dealers to tighten safeguards for customers, including by setting limits on transaction amounts and delivery periods when they make their first transactions or register as new members. An agency official acknowledged that such measures would impose a burden on dealers but expressed an eagerness to “keep asking for cooperation patiently” to prevent the spread of gold scams. END [Copyright The Jiji Press, Ltd.]