Through extensive telemarketing and emails, scammers are increasingly targeting older veterans. This demographic is at the crossroads of age, bureaucratic dependence, and sizable funding that makes them susceptible to a number of different types of scams.
Frequently, scammers contact veterans with regards to their significant pensions. The cons offer to help invest the veteran's pension, access the funds early, receive additional benefits, or exchange the pension for a lump sum of money. In agreeing to any of these deals, the veteran will often receive pennies on the dollar of what their pension is actually worth.
Veterans are also at risk for identity theft. Scammers will call an individual and tell them they are from the Department of Veteran Affairs and need to 'update' the information in their file. Over the course of 'updating,' the veteran will supply the fraudster with enough personal information to allow for identity theft.
Veterans should remain vigilant when individuals approach them regarding personal information or their financial planning and management. The scammers can seem to be from reputable organizations, but in the end, all they want is access to your pocketbook.