Police warn of gold scam targeting the elderly [Video]

Ottawa police are warning the public about a new scam targeting the elderly by encouraging them to buy gold to avoid financial losses in a turbulent stock market.

Two victims in Ottawa and one in Norfolk County have lost around $1.5 million combined in gold to scammers, police said Tuesday.

It’s a new version of the “grandparent scam,” police said in a news release, where scammers would previously tell the victim their loved one was in trouble and ask for bail money.

Elderly people are more vulnerable to scams because they may be isolated, unfamiliar with technology, or experiencing cognitive decline, explained Anthony Quinn, chief operating officer for the Canadian Association of Retired Persons (CARP).

Elderly people are particularly anxious about their …