In return for helping protect and serve our country, veterans receive some unique benefits, such as pension plans. Unfortunately, rather than allowing military veterans to enjoy these well-deserved benefits, scammers may specifically set their sights on veterans and their families as targets.
Veteran fraud is when criminals try and steal money from veterans by faking their identity or tricking them into sharing personal or financial information. There are several ways scammers can take advantage of veterans, from romance scams and phishing scams to pretending they’re government representatives with the Department of Veterans Affairs (VA).
Impostor scams can take many different forms, with each one preying on the vulnerabilities of veterans. In an impostor scam, the fraudster will pretend to be someone they aren’t, such as a family member, friend, VA employee or even a potential romantic interest. Once the con artist has established some trust, they’ll usually ask for money, bank account information or personally identifiable information like Social Security numbers.
Phishing scams involve fraudulent emails and other electronic communications that appear to come from legitimate sources. For example, a fraudster may send an email that seems to be from an official agency or organization. They’ll often use an official-looking address, title, email signature or logo to make their hoax more convincing. Criminals also often include links or attachments in phishing scams, which they use to try and trick recipients into downloading malware or sharing personal information.
Veteran charity fraud occurs when scammers ask for donations that they claim will help veterans. While there are many legitimate charities focused on helping veterans, bad actors may take advantage of veterans’ generosity, collecting money from veterans that they’ll just keep for themselves. Before giving to a charity, you can verify its legitimacy using the resources on ftc.gov/charity.
Scammers who target veterans’ investment and pension funds will often do so under the guise of helping veterans invest or unlock additional benefits. The fraudster may charge an up-front fee for services they never provide or pretend to be a fellow veteran or professional advisor with an attractive investment opportunity. To avoid investment and pension fraud, never share your personal account information, verify the license of anyone claiming to be an investment professional and steer clear of any offer that sounds too good to be true.
Scammers target veterans in a variety of different ways, from veteran disability fraud to emotional manipulation schemes.
In addition to benefits fraud, scammers may also try to steal from veterans using romance scams and deployment scams, or by impersonating friends and family members. These schemes use emotional manipulation to get veterans to send money or share personal information under the belief that they’re helping family, friends or romantic partners. In a deployment scam, the fraudster pretends to be a service member deployed overseas, which they use to hide their real identity. They then ask their victims for money, often to help solve a problem or cover their travel costs.
Identifying veteran scams is the key to preventing losses and helping veterans preserve what’s rightfully theirs. Common indicators of veteran scams include:
Signs of fraudulent communications can vary widely, which is why you should always be on the lookout for any of the following red flags.
Since veterans are 40% more likely than civilians to lose money to financial scams, prevention is the best way to help protect veterans’ finances.
To stave off attacks from scammers, veterans should educate themselves and be aware of common scams. Veterans should always remain vigilant and exercise caution, particularly when they receive unsolicited requests or when sharing sensitive information. For additional information or assistance, visit the VA website for veteran resources and support.
Every veteran should take practical steps to avoid scams, beginning with safeguarding their personal information. For any online account, using a strong password is the first line of defense. Veterans should also avoid sharing passwords and use multi-factor authentication for a second layer of protection. Other practical steps include reviewing documents thoroughly, never clicking on suspicious links or attachments and keeping your device’s software up to date. Lastly, veterans who want to protect themselves from the financial fallout of identity theft can purchase identity theft insurance.
While navigating benefits and claims can be difficult, it’s important to verify any individual or organization claiming to offer assistance to veterans. Veterans looking to apply for benefits should apply directly through the VA at VA.gov or at one of its regional offices. For veterans who want to work with third parties, the VA Accreditation Search can verify attorneys, claims agents and Veterans Service Organization (VSO) representatives.
If you suspect you’ve been the victim of veteran fraud, it’s important to act quickly and contact your bank and the Federal Trade Commission (FTC) at reportfraud.ftc.gov or by calling 877-382-4357.
To report veteran disability fraud and other scams targeting veterans, contact your local police department and your state’s Attorney General, and file a report by calling the VSAFE Fraud Hotline (1-833-388-7233). For more information and additional veteran resources, visit VSAFE.gov.
If you think you’ve been a victim of banking fraud, contact Seacoast Bank by phone (800.706.9991) or visit any Seacoast Bank branch location.
Topics: Protect Your Finances
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