Manx resident sent fraudsters £170K of gold

Case highlighted by Cyber Security Centre as warning to others

A Manx resident sent fraudsters £170,000 of gold last year after being targeted by scammers.

The Cyber Security Centre for the Isle of Man has revealed details of the case as part of its latest cyber threat update which covers November and December 2024.

It says the individual had encountered problems with their Isle of Man Bank card and visited the Ramsey branch to attempt to resolve the issue.

Whilst there they were informed the bank’s fraud team would contact them.

Around a month later the victim received a phone call, on their landline, from a man claiming to represent the team and declaring that fraudulent activity had been detected.

The fraudster said fraud had been detected on accounts in Manchester and Douglas and further suggested that Isle of Man Bank Staff in Douglas may be involved.

They convinced the individual to assist with a supposed investigation by purchasing £20,000 worth of gold and sending it to an address in London.

Trusting the caller the victim purchased the gold from a dealer in Douglas and sent it through the post in a shoebox.

Over time the fraudster maintained regular contact with the victim claiming the investigation was ongoing and requesting additional assistance.

They also persuaded the victim to purchase another £150,000 of gold which they, once again, sent to London.

The fraud came to light when the victim travelled to the UK to visit their family.

The Cyber Security Centre says scammers often strike when people are caught ‘off-guard’ and this case highlights the importance of reporting suspicious activity to prevent further losses.

You can find the latest report HERE.