Scams Targeting Military Veterans: How to Stay Protected

After a lifetime of service, military veterans deserve to feel safe and secure—especially when it comes to their finances. But unfortunately, more and more veterans are becoming targets of financial scams, which take advantage of their benefits, personal information, and trust. From fake VA representatives to phishing messages and fraudulent charities, these scams can rob veterans of their money and independence. Let’s take a closer look at why veterans are being targeted, how these scams work, and what to do if you or someone you know becomes a victim.

Fraud Against Older Adults is a Growing Problem

Fraud is a growing concern across the country, hitting older adults harder than most. As people age, they often face new challenges—like health concerns, memory issues, or changes in their support systems. These factors can make them more vulnerable to scams.

According to the U.S. Census Bureau, the number of Americans over age 65 is expected to increase to 82 million by 2050. With that growth also comes increased risk. In total, elder financial abuse is estimated to cost Americans $28.3 billion each year, and that number continues to rise.

Globally, the issue is just as serious. In 2023, older adults reported $77.7 billion in fraud-related losses, according to Nasdaq’s 2024 Global Financial Crime Report.

While fraud can happen to anyone, military veterans have become a prime focus.

Why Do Scammers Target Veterans?

Veterans are more likely than civilians to receive government benefits like VA pensions or disability pay. Scammers know this, and they often design their tactics to specifically exploit it.

In 2023 alone, veterans and their families reported more than 93,000 fraud cases to the Federal Trade Commission (FTC), which resulted in more than $477 million in financial losses. But these numbers don’t capture the full scope of the problem—many cases go unreported.

Some of the most common scams aimed at veterans include:

• Pension Poaching: Scammers pose as VA advisers or representatives and trick veterans into signing over their benefit payments or investing in fake programs.
• Fake Veteran Charities: Criminals ask for donations to “support the troops,” but the money goes straight into their pockets.
• Too-Good-To-Be-True Offers: These scams can include fake mortgage assistance, healthcare discounts, investment opportunities, unlicensed in-home care services, or promises of increased benefits.
• Phishing Calls and Text Messages: Fraudsters use fake caller ID numbers and realistic messages to trick veterans into giving up sensitive financial information.

According to the AARP, 86% of veterans were targeted by scams related to benefits or charitable causes in 2023. Nearly half reported financial loss.

What Stops Veterans from Reporting Fraud?

Sadly, many scams go unreported. Some victims feel ashamed or blame themselves. Many don’t know where to find support, and others may not even realize they have been scammed until it’s too late (if they ever do).

Older adults also struggle to remember the details of a phone call or email, especially if they are dealing with health issues or cognitive decline. On top of that, using unfamiliar online systems can be confusing for many people, making it easier for scams to fly under the radar.

But silence only helps the scammers! By speaking up, veterans can protect themselves and prevent others from becoming victims.

Standing Guard: How to Protect Military Veterans from Scams

Fighting fraud takes more than awareness—it requires action. Government agencies, banks, nonprofits, and communities must all work together to protect veterans from financial abuse. Most importantly, veterans need:

• Education and Tools: Provide clear, easy-to-understand tips to aid veterans in recognizing and avoiding scams.
• Trustworthy Banking Options: Connect them with banks they can rely on—institutions that protect their information and actively monitor for fraud.
• Supportive Environments: Encourage open conversations so they feel comfortable asking for help or reporting anything suspicious.

No veteran should face financial abuse alone. At Armed Forces Bank, we believe in standing by our military veterans—just as they have stood for us. We are committed to protecting their benefits, bank accounts, and peace of mind.

As a trusted banking ally, we go beyond traditional banking by actively safeguarding our clients from fraud. Through community events hosted at our military banking centers, we provide hands-on education to help veterans and their families recognize and avoid scams. We also take pride in how we protect our clients from fraud—using secure systems, constant monitoring, and a dedicated team focused on stopping suspicious activity before it becomes a problem.

And when fraud does occur, we don’t just respond. We reach out. Our team connects directly with affected clients to offer personalized guidance, outline mitigation steps, and share the latest scam trends targeting the military community.

Your security is our mission, and we are committed to helping you bank with confidence!

Veterans: Here’s What to Do if You Suspect Fraud

If something doesn’t feel right, don’t wait. Even if you aren’t sure, it is always better to reach out and ask. Here are a few ways to report suspicious activity:

How to Report Fraud to Armed Forces Bank:

• Phone: Speak with our Client Care team at 888-929-2265, Monday–Friday, 8:00 AM–7:00 PM Central Time.
• Secure Message: Log into mobile* or online banking and send us a secure message through chat.
• Live Chat: Visit afbank.com and click on the chat bubble in the bottom right corner. Request to speak with a banker (available Monday–Friday, 8:00 AM–10:00 PM Central; Saturday, 9:00 AM–5:00 PM Central).

Other Helpful Resources:

• VA Benefits Delivery Protection and Remediation Program: To learn about the program and report VA-related fraud, email the fraud team at bdpr.vbaco@va.gov, OR call 1-800-827-1000.
• National Center on Elder Abuse: Offers access to legal advice, counseling, and local support services at https://ncea.acl.gov/.
• Armed Forces Bank Education Center: Knowledge is your first line of defense. You can also explore our education page for tips on protecting your identity, recognizing fraud attempts, and taking action.