Staying Fit
Fraud cost veterans, service members and their families $292 million in 2022, according to the latest Federal Trade Commission (FTC) data, with the median loss for military scam victims at $750 — up from $600 the year before. Scammers target current and former service members from many angles, employing vet-focused twists on identity theft, loan scams, investment fraud and more. Impostor scams are a particular threat, accounting for more than 40 percent of the military community’s fraud losses.
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Targeting benefits
Often, the goal is to manipulate or gain access to benefits the government provides to those who served.
For example:
- Veterans are told they qualify for money from “secret” government programs but must first pay a fee or provide personal information.
- Scammers exploit veterans in financial duress by offering cash upfront in exchange for (much higher) future disability or pension payments.
- Criminals attempt to charge veterans for access to their service records or for government forms. Veterans can get this material for free from the Department of Veterans Affairs (VA) or the National Archives. In another benefits scheme, unscrupulous advisers sell older veterans on plans to boost their pensions by investing in financial products that make it appear they have fewer assets. The advisers often do not warn veterans that the moves could disqualify them from other government help, including Medicaid, and strictly limit their access to their money.
Impersonation scams and affinity fraud
Other scams are examples of “affinity fraud,” in which crooks pose as veterans, or representatives of organizations that support them, to gain access and trust.
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