HSBC issue new scam warning as fraudsters 'change approach'

HSBC has issued a warning about a new scam where fraudsters are trying to convince people to buy gold and jewellery. The bank says that the scammers may pretend to be police officers, telling victims that their account has been used for fraudulent activities.

The criminals might also claim that the bank customer has been selected to assist with an investigation into the bank branch, or that the bank staff are planning to steal money from their account and replace it with fake money.

In this new twist, the scammers try to persuade the victim to withdraw large amounts of cash from their account and buy gold or jewellery. This is then given to the scammer under the pretence that it will be kept safe or used as evidence in court, according to HSBC.

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David Callington, HSBC UK's head of fraud, said: "Scammers are devious criminals who adapt their approach from time to time, trying to stay one step ahead of banks and the police."

"Over the last couple of months we may have seen the start of a trend where purchasing and physically handing over gold, silver or jewellery has become part of a scam.

"Whereas scammers previously often used cryptocurrency exchanges to 'cash out', moves to tighten payments across the industry have led criminals to go down a different route.

"While this not only leads to the customer losing money through the scam, as there is a physical element to it with a meeting to carry out the handover, there's a potential physical risk to the victim as well. If you receive a call out of the blue about money, it is very likely to be a scam."

People who are tricked by these scams can lose huge amounts of money, sometimes even