Japan's gold bar scam losses reach 8.13 billion yen in first half
Police have asked gold dealers to scrutinise unusual purchases after losses reached 8.13 billion yen in six months, with people aged 60 and over making up 90% of victims.
- Losses from gold bar scams in Japan reached 8.13 billion yen in the first half of 2026, a figure that already exceeds the total for the entire previous year.
- The primary methods involve criminals impersonating police officers, which accounts for two-thirds of the losses, and fake social media investment schemes.
- The victims are overwhelmingly elderly, with 90% of those affected being aged 60 or over, many of whom are manipulated into making their first-ever gold purchase.
- In response, the National Police Agency is urging gold dealers to identify suspicious purchases, question customers about their intent, and limit transactions for new buyers.
Gold dealers in Japan are being asked to examine unusual purchases and alert police as authorities try to contain scams that cost victims 8.13 billion yen between January and June 2026, according to the National Police Agency (NPA).
The first-half figure was already above the 6.02 billion yen recorded throughout 2025.
Schemes involving criminals posing as police officers accounted for roughly two-thirds of the latest losses, or about 5.3 billion yen, while social media investment scams caused a further 2 billion yen in losses.
Older people were overwhelmingly affected, with those aged 60 and over accounting for 90% of victims.
Many had never bought gold before and completed their first purchase only after fraudsters showed them how to do so and directed them to a particular dealer.
In police impersonation cases, victims are commonly told: “Your bank accounts have been used in crimes.”
The fraudsters then urge them to provide gold bars, falsely claiming this will allow the supposed investigation to be completed more quickly.
Fraudsters operating through social media use a different pretext, directing victims to buy gold that will supposedly be put towards an investment.
After purchasing the gold, victims may be instructed to leave it at a specified location, such as outside their front doors or on a park bench, for an accomplice to retrieve.
The collection role is often given to foreign nationals recruited overseas.
Other victims are told to order gold online and arrange delivery to a location chosen by the scammers.
The method allows criminals to bypass protections associated with bank transfers.
Gold transactions are not subject to the same daily limits or level of monitoring for suspicious activity, while the metal is comparatively easy to carry despite its high value.
With gold prices rising, the average loss stood at about 52.5 million yen per case, nearly 10 times the average for online and other scams categorised in Japan as special fraud.
The NPA contacted industry groups in June to request help from gold dealers in preventing further losses.
Dealers were asked to identify customers who might be scam victims and notify police when purchases appeared suspicious.
The agency also supplied checklists containing dozens of warning signs, encouraging staff to ask customers why they wanted the gold and how they intended to store it before checking their answers for inconsistencies.
Fraudsters sometimes instruct victims to tell dealers that the gold is being purchased for investment.
The agency believes scams can still be detected by assessing several indicators together and plans to release a collection of case studies and train employees responsible for sales in stores and by telephone.
The NPA has also urged dealers to limit transaction amounts and delivery periods for customers making their first purchases or registering as new members.
An agency official acknowledged that the measures would place a burden on dealers but expressed a determination to “keep asking for cooperation patiently” to prevent gold scams from spreading.
[Copyright The Jiji Press, Ltd.]
