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:
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:
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.
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:
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:
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
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
Additional Precautions
If a Loved One Won't Accept They're Being Scammed
If someone refuses to acknowledge they're being scammed, consider these steps:
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: