The high price of gold is encouraging scammers to sell fake bars and coins. Image: PublicDomainPictures/pixabay.com
WA Police and The Perth Mint say scammers are selling fake gold bars and coins amid historically high demand for the precious metal.
WA Mines and Petroleum Minister David Michael says that “we know there are counterfeit products in the market, some with packaging and markings designed to mimic The Perth Mint’s products”.
“These fakes are often highly sophisticated, and the result can be devastating for customers when they realise they’ve been scammed,” he says.
“If a deal seems too good to be true, it probably is and that’s why we’re urging customers to do their due diligence and only purchase gold and silver precious metal products from reputable and trusted dealers like The Perth Mint.”
WA Police Minister Reece Whitby says that “criminals are becoming increasingly sophisticated in how they deceive people”.
“Unfortunately, the sale of counterfeit gold and associated scams are no exception,” he says.
“WA Police continue to investigate and disrupt these operations, but prevention is just as important.
“We want the public to be informed, alert and empowered to protect themselves. If something doesn’t feel right, report it. Your vigilance could prevent others from being scammed.”
Some counterfeit products are sold online on sites like eBay and Facebook Marketplace and are even traded in exchange for goods and services.
Customers have emailed or visited the mint to verify their products only to discover they have been conned, the WA government says.
WHAT TO DO
- Only buy products from reputable dealers such as The Perth Mint or an approved distributor.
- Anyone who suspects they were sold counterfeit gold must report it to police.
- Scammers are exploiting demand for gold amid historically high prices for the precision metal by selling fake bars and coins.
- Remember that some fake gold products bear lookalike markings and packaging of The Perth Mint.
