It’s Veterans Day, a day when people honor family and friends who’ve served in the military. But, it’s also a good time share information with servicemembers and veterans about scams. They reported losing more than $350 million to fraud last year.
In addition to tributes on Veterans Day, share ways to help veterans, servicemembers, and military families spot scammers.
Veterans, service members, and their families are continuously targeted by scammers. Why? Because veterans and their families have access to government benefits and the monetary value associated with them.
Watch out for these scams Department of Veterans Affairs, or VA, warns:
Payment redirect – Payment redirection occurs when a fraudster obtains veterans’ Personal Identifiable Information, or PII, and uses that information to access and gain control of their accounts such as email and banking.
When the accounts are compromised, the fraudster redirects the victim’s VA benefits payments to new accounts or to prepaid debit cards, which they control. Veterans’ PII is vulnerable to phishing attempts and email scams.
Pension poaching – Pension poachers profit by falsely helping veteran claimants artificially qualify for VA pension benefits. These scams target veterans are becoming a preferred method to defraud older veterans. The scheme often involves financial maneuvers such as advising veterans to hide their assets in trusts or annuity products the pension poachers have offered.
Romance and friendship scams – Scammers often use fake online profiles to pose as potential romantic or friendly connections. After gaining a victim’s trust, they may request PII, monetary payment, or other compromising information. Also, veterans may be easily identifiable on social media and dating platforms through photos and job titles.
Tips to avoid scams
- Hang up immediately if you receive a call asking for money or personal information from someone you don’t recognize. Don’t click on suspicious or random links or attachments in emails or texts.
- Stop and check it out before you make a payment or provide your personal information to an organization to make sure the organization is legitimate. Be cautious of companies that claim to be contacting you on behalf of the VA or to have a special relationship with the VA. Contact the VA at 800-827-1000 if you’re unsure about any message received.
- Don’t provide your Social Security number, medical records, or other personally identifiable information to anyone offering claims assistance before confirming their credentials using the Office of General Counsel Accreditation tool.
- File a complaint first with your state Attorney General’s Office if you’re a victim or spot a scam.
- Sign up for the FTC’s free scam alerts and get the latest tips and advice about scams. You can also report scams to the FTC.
Remember on Veterans Day, an alert, informed consumer is the best protection against fraud.
