GEORGIA, — Editor's note: The video above is Gov. Kemp holding his annual Veterans Day event.
As Veterans Day approaches, millions take to social media to honor servicemembers and veterans. Yet, the day of remembrance brings an opportunity to spread awareness about the financial scams that target those who served.
According to the Federal Trade Commission, veterans reported losing over $350 million to fraud last year. This Veterans Day, here are ways to help protect those who have sacrificed for our country from scams.
Recognizing Common Scams Targeting Veterans
Sharing knowledge about common scams can significantly impact veterans’ financial security. Scammers often impersonate government representatives, claiming they can expedite benefits or assist with complex paperwork. These impostors aim to gather personal information and exploit military benefits. Alert family and friends to avoid sharing sensitive data with unverified contacts.
Another common tactic involves fake calls claiming unauthorized charges on bank accounts. Scammers may urge veterans to withdraw cash and deposit it into a Bitcoin ATM for “protection.”
Remind loved ones that legitimate financial institutions will never request such actions.
Practical Tips for Veterans and Their Families
Credit Monitoring: Military members are eligible for free credit monitoring services. Signing up can help detect identity theft early by monitoring access to their credit reports.
Trusted Resources: Use official sites like MilitaryConsumer.gov/blog for updates on current scams targeting military families.
VSAFE.gov: A resource that combines federal tools to educate veterans on fraud prevention across areas like housing and car purchases.
Financial Counseling: The National Veterans Financial Resource Center offers guidance on protecting assets and linking financial stability with mental health.
If you or a loved one suspects a scam, report it to the Federal Trade Commission at ReportFraud.ftc.gov.