A first-hand account of elder fraud, the warning signs family members should know, and practical steps to protect the people you love from financial scams.

In August 2025, I retired from Syverson Strege only to discover that a family member (the "victim") was being scammed out of all their money and, ultimately, their home. It became an unplanned retirement project: taking over their finances while trying to save the house.

The victim had received a phone call claiming they had won $10.5 million through the Publishers Clearing House Sweepstakes. The scammers coached the victim to keep the win private "so the payout would be a big surprise for the rest of the family." Over the following nine months, they walked the victim through a series of payouts, including:

• Uncharacteristically large checks for "processing fees"
• "Prepaying taxes" on the supposed winnings
• Payments to a fraudulent CPA in New York who claimed he could recover the lost funds
• Instructions from a fake FBI agent on how to buy and send untraceable gift cards to "receive" the winnings

All of this happened while the real Publishers Clearing House was going through bankruptcy and restructuring.

How the Scam Was Discovered

The scheme came to light when a distant relative happened to be standing behind the victim in line while they purchased high-value Green Dot gift cards — a prepaid card format that's untraceable and a common red flag for fraud. When the family confronted the victim, they refused to believe it. Like an addiction, the mindset was: "If I just put in a little more, I'll get the big payout."

The Home Sale and a Lucky Save

After the victim had exhausted all available cash and investments, they signed a warranty deed selling their home at roughly one-third of its value, believing it was routine paperwork. This kind of below-market sale is a major red flag for elder abuse and fraud.

What ultimately saved the home was a filing error and some small-town Iowa diligence: the closing company submitted the wrong online forms to transfer the deed. The county recorder thought the transaction looked strange and called legal counsel, who in turn contacted the family to ask whether the victim really intended to sell at such a low price.

The family immediately hired an attorney to file documents clouding the title so the out-of-state buyer couldn't take possession or resell the property. After six months of negotiation — and narrowly avoiding a costly court hearing — the family recovered the home by repaying the buyer's money plus an additional $1,000. The author is now sole trustee of the revocable trust that owns the home.

Recovery

The victim stayed with family for a couple of months with no access to a phone or vehicle, allowing time for a mental reset and professional counseling. They were tested for cognitive issues and had been widowed for more than four years. They now live in an assisted living facility in their community and are doing well there. Their current phone is a Gabb phone that only allows calls to and from approved contacts, a feature also available on Apple iPhones.

The home has since been listed for sale but has not yet sold.

Lessons Learned

Looking back, there are two changes that could have prevented, or at least dramatically reduced, the losses:

1. Co-trustee status. The author should have been named co-trustee on the revocable trust when the home was originally transferred into it to avoid probate. That would have made it impossible to sell the house without his knowledge.
2. Power of attorney with account visibility. Once a loved one is widowed or turns 80, family members should seek power of attorney with the ability to view bank and investment account activity. This could have flagged the problem months earlier, potentially saving hundreds of thousands of dollars.

Notably, the victim was eventually turned away by four separate banks, each of which told them directly that they were participating in a scam. Despite warnings from banks, store clerks, and police, the victim didn't believe it until the banks closed the accounts and issued a check so the funds could be moved elsewhere. If banks had a notification system like the one Syverson Strege uses to alert a designated family contact when concerning account behavior is detected, losses like this could be dramatically reduced.

The Scale of the Problem

Elder fraud is a fast-growing crime, and it's likely far more common than official numbers suggest, since many victims are too embarrassed to report it.

• The FBI's Internet Crime Complaint Center (IC3) received more than 1 million complaints in 2025, with reported losses exceeding $20 billion.
• The Federal Trade Commission (via ReportFraud.ftc.gov) logged more than 3 million reported scams, with losses nearing $16 billion.
  

Who Scammers Target

Anyone can become a victim. Vulnerability usually comes down to situational and psychological factors rather than a single demographic. Con artists prey on people going through major life transitions, financial stress, or simple fatigue.

That said, certain groups are targeted more frequently or fall victim to specific types of fraud:

• Younger adults (ages 18-44): Contrary to popular belief, Millennials and Gen Z are highly susceptible to scams, especially online shopping fraud, fake cryptocurrency investments, and bogus job offers. As digital natives, they often let their guard down online.
• Older adults (65+): While statistically less likely to be targeted than younger generations, seniors tend to suffer much larger financial losses. Common tactics include tech support fraud, romance scams, and government impersonation.
• The isolated: People who are socially isolated or lonely are frequent targets of romance scams and "grandparent" scams.
• Those seeking financial relief: People dealing with debt or looking for loans are especially vulnerable to upfront-fee and loan scams.

Warning Signs to Watch For

You likely know several people who have been scammed or have experienced it yourself. Have a gentle, direct conversation about this topic, and watch for these signs in loved ones:

• Self-isolating or withdrawing from family and friend activities
• A health issue affecting cognition (medications, oxygen deprivation, etc.)
• Age 80 or older
• Cognitive decline (mental capacity naturally declines with age after 40)
• Recently widowed
• Feeling lonely
• Being overly trusting or generous
• Becoming secretive about their activities or finances
• Being turned away or "fired" by a bank
• Refusing to believe it's a scam even after being told by family, law enforcement, financial institutions, or retail stores

How to Protect Against Scams

The golden rule: Pause. Question. Protect. Stop and step back from high-pressure situations, verify the contact through official channels, and never share sensitive personal or financial information with unexpected callers or in response to urgent emails.

The Core Defense Strategy

• Verify the source. Never trust an unexpected call, text, or message, even if it claims to be from your bank or a government agency like the IRS or Social Security. Hang up and call back using a verified number from the organization's official website.
• Watch for urgency. Scammers rely on panic. Demands for immediate action, threats of arrest, or requests to wire money or buy gift cards are all major red flags. Legitimate organizations give you time to think.
• Protect your data. Never click links in unsolicited emails or texts. Use strong, unique passwords and enable two-factor authentication (2FA) wherever possible.
• Guard your money. Never pay someone who insists on payment via cryptocurrency, wire transfer, or gift cards.

Don't Pay with Gift Cards, Cryptocurrency, or Gold

Credit cards offer protection that other payment methods don't. Criminals prefer untraceable, hard-to-reverse payment methods such as gift cards, cryptocurrency, gold bars, and prepaid debit cards. If anyone, especially a stranger, asks to be paid this way, treat it as a red flag.

Find a Sounding Board

Identify at least one trusted person to consult before making large purchases or money transfers. The AARP Fraud Watch Network Helpline is also available toll-free at 877-908-3360 for advice, support, and resources (Monday–Friday, 8 a.m.–8 p.m. ET).

Change the Way You Think

• You're under no obligation to respond to calls, emails, or texts from strangers. On an iPhone, add trusted contacts and turn on "Silence Unknown Callers" in Settings to send unrecognized numbers straight to voicemail.
• Do not say anything. If a scammer gets through, do not say anything (and be especially sure not to say “yes”) since some calls are using AI to generate simulations of your voice.
• Trust your instincts. If something feels off, talk it through with someone you trust before acting.

 Additional Precautions  

• Don't answer unknown numbers or respond to unknown emails or texts.
• Don't click links or open documents from unknown senders. Scammers often use email addresses that closely mimic real ones. If unsure, independently look up the sender's phone number and call to confirm.
• Don't act on first contact; seek a second opinion before responding.
• Talk regularly with loved ones about what's going on in their lives.
• Identify who they'd turn to for a second opinion on sensitive matters.
• Never share credit card, bank, or investment account details until the requester is verified.
• Add a trusted family member to their phone plan, so calls are visible.
• Set up location/travel tracking if appropriate.
• Give banks and investment firms a designated contact to notify if suspicious activity is detected.
• Consider a phone that only allows calls to/from approved contacts.
• Consider restricting internet access if cognitive decline is a concern.
• Add a trusted family member who can view bank, credit card, and investment transactions.
• Add a co-owner or power of attorney on major assets like the home or business.

If a Loved One Won't Accept They're Being Scammed

If someone refuses to acknowledge they're being scammed, consider these steps:

1. Seek legal counsel to explore protective options.
2. Arrange a cognitive evaluation with a medical professional.
3. Activate power of attorney, either general authority already in place or a springing POA that requires a medical opinion to trigger.
4. Move assets into a trust with someone else serving as trustee.
5. Petition the court to appoint a guardian and general power of attorney if needed.

Reporting and Recovery Resources

If you suspect you or a loved one has been targeted — or has already shared sensitive information — these resources can help:

• FTC Scam Advice — Comprehensive guides on recognizing and avoiding fraud
• FBI Internet Crime Complaint Center — Central hub for reporting cyber-enabled crime
• IdentityTheft.gov — Official tool for reporting identity theft and getting a customized recovery plan
• Consumer Financial Protection Bureau — Resources on identifying scams and your rights to recover funds
• AnnualCreditReport.com — Check regularly for unauthorized accounts opened in your name
• Iowa Fraud Fighters — Local alerts and resources for Iowa residents