AARP Hearing Center
Fraud cost veterans, service members and their families $477 million in 2023, according to the latest Federal Trade Commission (FTC) data. Last year, veterans lost a median of $599 to scams, 20 percent more than the $500 median loss reported by civilians, according to the 2023 Consumer Sentinel Network Data Book. 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 the most common type reported, accounting for more than 40 percent of the military community’s fraud losses. Investment scams led to the highest median amount of money taken from military members: $7,000.
AARP Membership— $12 for your first year when you sign up for Automatic Renewal
Get instant access to members-only products and hundreds of discounts, a free second membership, and a subscription to AARP the Magazine.
Common ways scammers target veterans
Often, the goal is to manipulate or gain access to benefits the government provides to those who served. Criminals might:
Try to lure veterans with claims about hidden programs. Veterans are told they qualify for money from “secret” government programs but must first pay a fee or provide personal information.
Offer cash for service members’ benefits. Scammers exploit veterans in financial duress by offering cash up front in exchange for (much higher) future disability or pension payments. (The Perfect Scam podcast has a two-part episode about a veteran who was offered money for his disability benefits.)
Charge for documents. 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 government help, including Medicaid, and strictly limit their access to their money.
More on Scams and Fraud
What to Do If You've Just Been Scammed
How one woman worked quickly — with help — to avoid being charged through PayPal
How to Tell if an Online Photo Is Fake
A reverse image search can help you spot doctored picturesHow To Avoid Government Grant Scams
Scammers pretend to be government officials who tell unsuspecting people they’ve been awarded money
Recommended for You