The "gold ring," "lost ring" or "found ring" scam is used by fake gold jewelry scammers to trick their potential victims into buying a fake gold ring. These scammers can be charming, and their methods are sophisticated. They study their potential victims carefully before approaching them. Victims of this scam found out the hard way after taking the ring they purchased from the scammers to a jewelry store, only to be told it is brass and gold-plated, not real gold.
How the Gold Ring Scam Works
- The scammer/con artist pretends to find a gold ring on the sidewalk, shows it to the potential victim, and asks "Is this your ring?"
- When the potential victim says "No," the scammer offers to sell it.
- If the potential victim falls for the scam, the scammer negotiates a price.
- The potential victim ends up with a gold-colored ring made of cheap metal, and the scamer walks away with the gullible potential victim's cash.
If you are approached by people handing you a gold ring or other jewelry, the best thing to do is to walk away, and not engage with them. Be prepared that they may yell at you and accuse you of stealing from them, even if you didn’t take the ring. Their motive is to get you to give them money so they will go away. Don't cave in to their bullying and public shaming tactics.