The "gold bar scam" has crooks targeting the elderly on Long Island for their life savings. Here's how it works.

Authorities on Long Island are warning about a scheme in which victims are being urged to convert their savings into gold bars, then hand them over for "safekeeping." 

Suffolk County police stopped one incident that almost cost an elderly woman $140,000. Police said she responded to a pop-up notification on her computer and was convinced her bank accounts were compromised. 

"Masters of manipulation" 

The victims are pressured to act quickly. 

"These scammers are masters of manipulation," Suffolk County Police Det. Sgt. Tom Gabriele said. "She was on the verge of buying the gold and delivering it to the scammers." 

More than a dozen Suffolk County seniors have been targeted by scammers posing as government agencies, banks or computer tech support, telling them the only way to protect their money is to buy gold. 

"Anyone suggests to you that you liquidate your assets for gold bars, hang up. It's a scam," Suffolk County DA Ray Tierney said. 

Many bought the gold, and then a courier arrived to pick it up for so-called safekeeping. Authorities say the suspects will spoof phone numbers so that caller ID systems indicate the call is from Suffolk Police, or the IRS. 

If you get the call, here's what to do

Suffolk Police have a simple message: Hang up and call your bank, and the police. A few minutes can protect a lifetime of savings. 

Gold dealer Michael Pyz says the victims are often easy to spot, and that he's helped many of them. 

"It seems to be a frantic elderly person looking to buy a high dollar quantity of gold bars, or gold coins," Pyz said. 

"They are horrible people"

New warning signs will soon be required inside Suffolk County gold shops. Lawmakers have also proposed a 48-hour hold on first-time bullion purchases over $50,000. 

"Alert them to the fact that these scams exist. They are horrible people. They will stop at nothing to steal their money," Suffolk County Police Commissioner Kevin Catalina said. 

Officials say if you're getting pressure to convert savings into gold, take a break, stop and call police before the money disappears without a trace. 

The investigation into the cases continues, and police expect arrests to follow.