Why Norwegians are buying gold and leaving it in forests

A bizarre investment scam in Norway is targeting people who believe gold can protect their savings, with victims reportedly being persuaded to buy the precious metal and leave it in forests under the pretext of keeping it safe while its value rises. Instead, the gold is stolen, leaving investors facing financial losses.

The scam has prompted Finans Norge, the organisation representing Norway’s financial services industry, to warn the public after several bank customers reportedly spent significant sums on gold before following instructions from people they trusted. Norwegian banks are now raising awareness about the scheme as part of broader efforts to prevent financial fraud.

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How the Norway gold scam works

The fraud begins with an investment pitch in which victims are encouraged to purchase gold and leave it at a location in a forest. They are reportedly told that the metal will be kept secure while its value increases. However, once the gold is left behind, it disappears, leaving victims with losses and little prospect of recovering their money.

Gry Nergård, director of anti-fraud operations at Finans Norge, said the first known cases were registered in the spring. Incidents have since been reported in Oslo and nearby towns, as well as Bergen on Norway’s west coast.

Finans Norge has not disclosed the total amount lost by victims in these cases. The unusual nature of the scheme lies in the instructions given to investors, who are persuaded to buy a valuable asset and leave it unattended in an isolated location.

Norwegian banks and customers lose millions to fraud

The gold scam is among three types of fraud that Norwegian banks are currently warning customers about, highlighting the range of tactics being used to target people’s money.

According to Finans Norge, Norwegian banks and their customers lost a combined 962 million kroner, or roughly $100 million, to financial fraud last year. Banks also managed to prevent attempted fraud worth more than 3.5 billion kroner during the same period.

The figures underline the financial impact of fraud and the importance of identifying suspicious requests before money or valuable assets are handed over. Investment opportunities that involve unusual instructions or rely heavily on promises of future returns can warrant particular caution.

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Finans Norge launches public awareness campaign

Finans Norge and Norwegian banks have launched an awareness campaign titled “NO WAY – you won’t fool me” to help the public recognise common fraud tactics and make more informed financial decisions.

The campaign encourages people to question suspicious requests, exercise caution before making investments and verify the identity and credibility of anyone asking them to transfer money or hand over valuable assets.

Although gold is often regarded as a store of wealth, that reputation does not guarantee that every investment opportunity involving the precious metal is legitimate. In the Norwegian cases, victims were reportedly convinced to buy gold and leave it in forests, only to lose the asset they had hoped would protect their money.

The warning serves as a reminder that an investment arrangement can be fraudulent even when it involves a tangible asset such as gold. Requests to leave valuables in unusual locations, particularly on the promise of security or future gains, should be treated with caution.