PORTLAND, Ore. (KOIN) – The Oregon Department of Justice issued a warning on Friday about a fast-growing scam spreading nationwide that led to an Eastern Oregon woman to lose $600,000, accounting for nearly all her life savings.

The scammers posed as federal agents and convinced the woman that her financial accounts were at risk of being frozen or hacked, ODOJ said, explaining the scammers told her the only way she could protect her assets was to convert them to gold bars and turn them over for safekeeping.

The woman followed their instructions, giving the scammers over $600,000 worth of gold.

Officials said the woman mentioned her plans to give the scammers another $300,000, leading her sister to call the ODOJ Consumer Hotline. Local law enforcement intervened “just in time” to stop the woman from handing over the additional savings.

“This is a heartbreaking example of how sophisticated and predatory these scams have become,” said Oregon Attorney General Dan Rayfield. “No one—especially not a government agency—will ever ask you to buy gold or hand over your money to a stranger. If something feels off, trust your gut. It could save your life savings.”

According to ODOJ, gold bar scams have been on the rise nationwide.

The scams typically unfold with scammers calling, emailing or texting potential victims, while posing as a government agency, a bank or a technology company.

Then, the scammers provide a sense of false urgency, officials warn, explaining that scammers create panic by telling potential victims that their financial accounts are hacked or under investigation.

Victims are then told to withdraw large amounts of money and convert it into gold or other valuables to protect” the assets. From there, a courier is sent to the victim’s home to collect the gold and promises to safely store it, officials explained.

After the gold is handed over, “it’s gone,” ODOJ said, warning that the scammers disappear and leave the victims with nothing.

To avoid these scams, ODOJ reminds Oregonians that government agencies will never ask others to buy gold and will never send someone to their home to collect money.

If approached by these scammers, ODOJ recommends hanging up the phone immediately if someone pressures you to transfer money. Then, ODOJ recommends reporting the scam to local law enforcement.

Officials also recommend never giving out personal information to someone you don’t know and to verify claims by calling the bank or government agency directly using their official contact information.

Suspicious activity can also be reported to the ODOJ Consumer Hotline and to the Federal Trade Commission.