Paul Schendel, a 52-year-old father of three from Houston, died of a heart attack just one day after Wells Fargo told him he likely wouldn’t get back the $6,800 he lost in a scam.
According to his sister, Karen Schendel, Paul was disabled from a back injury and had long struggled with serious health issues, including complications from diabetes. But Karen believes the sudden loss of his life savings and the hopelessness that followed pushed him over the edge.
“I have no doubt it contributed,” she told FOX 26 Houston.
Paul was one of several recent victims of an increasingly sophisticated bank impersonation scam. His family now hopes others will recognize the warning signs.
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How the scam played out
The scam started when Paul received a phone call from someone claiming to be with Wells Fargo. The caller already knew information about his account and warned of fraudulent activity. Later, a woman showed up at his front door. Paul handed over his card, watched her cut it up, and take the pieces with her.
But when Paul went to a Wells Fargo branch the next day to request a new card, he learned it had all been a scam. They bank told him they don’t call customers, and that it was unlikely he’d be reimbursed — his life savings were gone. He suffered a heart attack and died the following day.
Paul’s case is one of at least three similar scams recently reported on by FOX 26 Houston involving fraudsters impersonating Wells Fargo employees and visiting victims at their homes.
Scams like the one Paul experienced are on the rise across the U.S., and they often feel terrifyingly legitimate. According to the FDIC, bank impersonation scams increased twentyfold between 2019 and 2022. Scammers spoof phone numbers, provide private account details, and may even send people in person to collect cards or payments. Victims aren’t just losing money; they’re often left feeling ashamed, anxious and overwhelmed.
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How to cope after losing money to a scam
Losing a large sum of money can be devastating, especially when you’re already dealing with chronic illness or limited resources. Financial stress has even been linked to high blood pressure, anxiety, depression and in extreme cases, cardiac events.
While nothing can undo a scam once it has happened, it is possible to protect your mental health in its aftermath. If you’ve lost money to fraud, these steps may help:
- Talk to someone you trust: Whether it’s a family member, a therapist or a support group, don’t suffer in silence.
- Contact your bank and the FTC: Even if recovery seems unlikely, reporting the fraud may help others and initiate the claims process.
- Focus on small wins: Creating a plan, even one as simple as updating passwords or setting up a new savings goal, can help restore a sense of control.
- Don’t blame yourself: Scams are designed to fool even the smartest people. This wasn’t your fault.
- Get smart: Learn the signs and common strategies fraudsters use so you don’t fall victim again. *
According to the Federal Trade Commission (FTC), common signs of a financial scam include someone pretending to be from an institution you trust, like your bank or the Social Security Administration who:
- Insists there’s a problem, such as a fraud alert or back taxes
- Pressures you to act quickly
- Tells you how to pay, often with unusual payment methods, like crypto or a gift card.
Paul Schendel’s story is heartbreaking and, sadly, not unique. As bank scams grow more convincing, awareness may be the only real defense. If something feels off, it probably is. And if you’ve been scammed, know that help is available for your finances and your health.
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This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
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