An 84-year-old Fort Worth resident says a slick phone scam drained nearly $600,000 in savings she had carefully put away over the years, after callers claiming to be FBI agents talked her into pulling cash from local banks, turning it into gold bars and handing it off to a stranger in a parking lot.
Ann Reed, 84, told reporters the handoff took place near a closed Wendy's off Golden Triangle Boulevard, where she says she passed over the gold to a courier who arrived just as the fake agents on the phone said he would. By the time she checked her accounts, she says the money was gone and the accounts were closed.
Reed says the first unsolicited call came in May, from a man who introduced himself as "FBI agent Richard Williams," according to WFAA. The outlet reports that the scammers used what appeared to be official-looking warrants and badges to convince her that her money was in danger, then directed her to move funds between banks in Fort Worth and Keller and convert that cash into gold bars.
When she later logged in to check her balances, Reed told the station her accounts had been shut and her savings had vanished. The Collin County Sheriff's Office has opened an investigation, and a retired Dallas police financial crimes investigator interviewed by WFAA urged people to treat unexpected calls like this as a five-alarm warning.
How the con works
In this version of an increasingly common scheme, scammers pretend to be federal agents and insist that a victim's bank accounts are "compromised" or under investigation. The supposed agents then instruct the target to quickly move their money, often into cash or precious metals, under the guise of protecting the funds or helping with an investigation.
The FBI's Internet Crime Complaint Center has flagged an uptick in cases where couriers show up to scoop up gold and other valuables that victims have been told to buy for "safekeeping." The FBI stresses that no legitimate government agency will ever demand payment in gold, cash, cryptocurrency or gift cards, or send someone to meet you in person to collect your money, according to IC3. The public guidance from IC3 also lays out steps people should take if they get a call like this, including slowing down, hanging up and reaching out directly to the agency or bank using verified contact information.
National scale and prosecutions
Reed's loss is part of a much bigger and uglier national picture. Recent reporting on the FBI's 2024 internet crime data shows people 60 and older lost about $4.8 billion to scams in the most recent year of reporting, with Texas among the hardest-hit states. Axios reviewed those FBI numbers and highlighted just how heavily the losses fall on older adults.
Federal prosecutors have been going after courier networks that play a hands-on role in these cons. In some documented cases, drivers and their co conspirators were convicted after allegedly showing up at victims' homes or meeting spots to collect cash and gold, sometimes over and over, according to Justice Department records. Those prosecutions illustrate how schemes like this can lead to serious federal charges, including long prison sentences.
What local officials urge
Seasoned law enforcement voices say that a healthy dose of skepticism is one of the best defenses. Michael Dana, a retired Dallas police officer who worked financial crimes, told WFAA that seniors should simply avoid engaging with unsolicited calls, especially if the caller claims to be from law enforcement or a government agency.
He also urged older adults to loop in trusted family members before making any large financial moves and to be suspicious of anyone who tries to isolate them or demands secrecy. Investigators similarly advise contacting your bank directly using a known phone number, not one provided by a stranger, and reporting suspected fraud as quickly as possible.
What to do if you or a loved one are contacted
If someone calls out of the blue claiming to be from the FBI, Social Security or any other government office and starts talking about moving money, the guidance from officials is blunt: hang up. Then contact your bank, reach out to local law enforcement and consider filing a complaint with the FBI's Internet Crime Complaint Center.
Authorities say you should never wire money, buy prepaid cards or convert savings into gold or other precious metals at a stranger's direction. Those are all bright-red warning signs commonly seen in fraud cases. The IC3 public service announcement includes resources for victims and step-by-step instructions on how to file a report, including an online reporting portal at IC3.
Legal implications
Investigators in Reed's case are working to track where the funds and gold ultimately went. If they find that the proceeds were moved across state lines or overseas, the case could involve potential federal charges such as wire fraud or money laundering.
Recent prosecutions show that couriers and the people who organize them can face lengthy prison terms when they are tied to scams that target older victims. Prosecutors may also push for restitution, although recovering money for victims often proves difficult once funds have been quickly moved or converted.
For now, the Fort Worth woman's loss stands as a costly reminder that scammers are constantly refining their playbook to exploit fear, trust and confusion. Anyone who suspects they might be caught in a similar setup is urged to contact local law enforcement, speak with their financial institutions and consider filing a report through the FBI's IC3 portal.
