As we honor veterans on Veterans Day, let’s increase awareness of cons aimed at veterans, members of the military, and their families
November 11, 2024
President Joe Biden in his remarks today at Arlington National Cemetery, in thanking members of the military and veterans for their service, said “Our veterans are the steel spine of this nation. And their families, like so many of you, are the courageous heart.”
While military service is highly valued in this country, it also makes its members and their families targets of con artists. Servicemembers and veterans reported losing more than $350 million to fraud last year.
Among these scams are scammers who:
- Call claiming to help veterans file for benefits but they’re really trying to steal personal information or military benefits. Be wary if the caller asks for a cash withdraw to be deposited it into a specific Bitcoin ATM. In addition, look for unauthorized charges in bank accounts.
- Pose as a friend or family member – even a romantic interest – who calls, texts or, emails with an “urgent” financial need. They leverage the military’s sense of duty and responsibility, and usually ask for an amount of money that seems reasonable. In another version of this scam, the bad actor might pose as a government employee asking for bank account information, Social Security Numbers, or military identification information. They’ll claim that it’s for official business, but they’re trying to scam paychecks and benefits.
- Hope to dupe people into clicking malicious links or providing personally identifying information. Clicking the link could lead to malware on a computer, while providing information will often lead to fraud.
- Set up fake websites that look legitimate and charge a fee for military records that are actually available for no charge.
- Pose as a former servicemember-turned-financial advisor and offers larger pension payments or an “Enhanced Pension with Aid and Attendance Benefits” by transferring a pension into another account, or in return for an up-front investment. Once the fee is paid, however, they’ll disappear with the money.
- Offer a “loophole” or a “secret trick” such as a “secret” government loan programs or funding grants that might be applied for. What they’re after is personal information they’ll use for their own gain.
- Create ads for property sales or rentals that claim to offer military discounts. But this discount doesn’t exist and instead, they’ve merely marked down inflated rental prices in areas popular among military families. Or, scammers will ask that for a security deposit or other fees ahead of time – but when the service member shows up, the property doesn’t exist or the scammer didn’t have authority to sell or rent it.
- Pose as companies looking to hire and post their jobs on websites such as LinkedIn, Indeed, and Facebook, specifically calling out to veterans. The catch is that instead of coming in for an interview, they’ll conduct it remotely. Then, at the end, they’ll collect identifying information: a Social Security number or bank information. Some even ask for payment for bogus training.
- Target active duty military personnel while they’re deployed. They’ll offer to monitor their credit to protect against identity theft while they’re away. But their real objective is to use credit information to open new accounts and make purchases.
If you or someone you know was the victim of a fraudster, here’s what to do if you’re scammed.
The Federal Trade Commission suggests these resources to help servicemembers and veterans avoid scams:
- MilitaryConsumer.gov/blog gives the latest on scams. Subscribe to get updates sent to your inbox.
- VSAFE.gov combines federal resources to help servicemembers and veterans learn about different fraud types and how to handle them – from car-buying to housing to military and veteran benefits.
- The National Veterans Financial Resource Center knows that financial well-being is linked to better mental health. Check out their tools to protect your money.
To report a scam, go to ReportFraud.ftc.gov and/or the website of your state attorney general.
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