Norwegians fall for wild investment scam: Buying gold and leaving it in the forest

Swindlers have persuaded Norwegians into buying gold and leaving it in the forest as part of a growing investment fraud.

Swindlers have persuaded Norwegians into buying gold and leaving it in the forest as part of a growing investment fraud, according to the country’s banking lobby.

The banks are launching a campaign to create awareness around this new wild scam. (Representational image). (Unsplash)

Several bank clients have spent large sums to purchase gold and then left it out in nature, following promises that “others will keep it safe while the value rises,” Finans Norge said in a statement Thursday, without specifying the amounts. The gold was subsequently stolen.

It said the scheme is one of three fraud methods that banks are “specifically warning against right now.”

The first of such cases was registered in the spring, Gry Nergård, director of anti-fraud operations at Finans Norge, said by phone. Incidents had been reported in Oslo and towns around it but also in Bergen on the west coast, she added.

Last year, the losses of Norwegian lenders and their customers from financial fraud totaled 962 million kroner ($100 million), the lobby group said. At the same time, the banks prevented fraud attempts amounting to over 3.5 billion kroner.

Finans Norge is conducting an anti-fraud information campaign titled “NO WAY – you won’t fool me,” together with the country’s banks, aiming to increase the awareness of Norwegians about identifying and avoiding scam attempts.