Oslo: Norwegian authorities and banks have warned the public about an unusual investment scam in which victims are persuaded to purchase gold and leave it in forest locations, only to have the valuable assets stolen.
The scheme has been reported in Oslo, nearby towns and Bergen, raising concerns about increasingly deceptive methods used to target people seeking investment opportunities. Finans Norge, which represents Norway’s financial services industry, has urged greater awareness after several bank customers reportedly suffered losses.
According to Gry Nergard, director of anti-fraud operations at Finans Norge, the first known cases emerged in spring 2026. Victims were convinced to buy gold and abandon it at designated locations in forests under the pretext that it would be kept secure while its value increased. Instead, the gold disappeared.
The organisation has not disclosed the total amount lost in these cases. However, the unusual method highlights how fraudsters can exploit confidence in gold as a store of wealth to manipulate potential investors.
The warning comes amid substantial financial fraud losses in Norway. Finans Norge reported that banks and their customers collectively lost 962 million Norwegian kroner, approximately $100 million, to financial fraud last year. Banks also prevented attempted fraud worth more than 3.5 billion kroner during the same period.
In response, Finans Norge and Norwegian banks have launched a public awareness campaign titled “NO WAY – you won’t fool me.” The initiative aims to help consumers identify fraudulent approaches, question suspicious investment proposals and make informed financial decisions.
Authorities and financial institutions are urging people to exercise caution when asked to purchase valuable assets, transfer money or follow unusual instructions in exchange for promised returns.
The cases underline the importance of independently verifying investment offers and the identities of those promoting them. Even traditionally trusted assets such as gold can become tools for fraud when criminals use unrealistic promises to gain control over victims’ money.
