The Texas Coin Fraud Consumer Alert includes the following “tips to avoid becoming a victim of fraud”:

• Seniors make up about 14% of the U.S. population but account for 60% of callers to the National Fraud Information Center. If you are a senior, be extra careful.

• If coins you bought as an investment would have to double or triple in value before any gain could be realized, you may have been a victim of fraud.

• If a dealer does not pay you, return your coins or deliver your purchased product in 30 days or less, you may have been a victim of fraud. Don’t Delay Action!

• Do not respond to callers not previously contacted. Cold callers often are not registered in Texas to legally tele market and often try to pressure customers to act quickly.

• Use credit cards for first transactions, as credit card companies offer extended fraud protection.

• Do not do business with a dealer who guarantees your purchases are totally safe, will go up in value or can’t go down, stresses government gold confiscation or says he will buy them back for what you paid at any time.

• Counterfeit coins and bars as well as counterfeit grading service holders are a possible risk, especially with online transactions. 

• Be wary of Home Storage IRA plans, as these have not been thoroughly tested with the U.S. Treasury or IRS. Stick with reputable independent custodians.

• Reduce theft risk by storing your coins in a financial institution’s safety deposit box. That institution would also be a safe place to meet buyers/appraisers. Do not allow a relatively unknown dealer/appraiser to remove coins from your sight.

• Make sure that any dealers with whom you do qualifying precious metal business are registered with the State of Texas and, when required, their city.  

The Texas Coin Fraud Consumer Alert includes a list of resources for you to contact if you believe you were the victim of fraud:

Attorney General of Texas (800-252-8011)
Numismatic Crime Information Center (817-723-7231)
Numismatic Consumer Alliance Inc. (908-781-7947)
Professional Numismatists Guild (760-728-1300)
Credit card companies used to make the purchase
Local Police Department or Sheriff’s Department

If you believe that you may have been the victim of coin fraud, there is more information available at the Coin Fraud Lawyers website (www.coinfraud.com). Or call 409-880-9714 right now to speak to a coin fraud lawyer for a free consultation.