How many of us have received a text from the U.S. Postal Service saying our package cannot be delivered? Have you been tempted to click on it to see what package they are talking about? Clicking on the link could install malware on your device, allowing the scammer to access passwords, bank information or potentially your identity.
Scams and threats come in many forms, changing year to year. An email used to be the standard, but now scammers have moved to texts and phone calls. According to the Federal Trade Commission, the most popular forms of scams in 2023 included copycat account security alerts, phony subscription renewals, fake giveaways, bogus problems with the law and made-up package delivery problems.
Why Do Scammers Target Veterans?
Veterans who receive benefits or have a pension are targeted because scammers prey on financial fears. In 2022, the Federal Trade Commission’s Consumer Sentinel Network received more than 95,000 complaints about fraud from the military community, and more than 150,000 reports from veterans and military retirees totaling a loss of roughly $414 million, a 50% increase from the previous year.
A report by Disabled American Veterans found that veterans, particularly those with benefits, are a targeted demographic, because they are twice as likely to “unknowingly participate in a scam.”
How Are Veterans Being Targeted?
Scammers use many techniques to swindle money or identity, including phishing, vishing, smishing and quishing.
The difference between these attempts is how they aim to steal personally identifiable information, such as bank-account numbers or credit-card information. The prefix lets you know what method they are using – phishing is via phone, vishing uses voicemail, smishing is through text messages and quishing is through a QR code.
How Can You Prevent Scammers?
Scammers rely on your good faith in humanity to take advantage of you. It is important to avoid clicking on links, opening any attachments or responding to messages from people you do not know.
It is also smart to avoid answering phone calls from unrecognized phone numbers, and don’t buy anything or move around money to fix a problem you didn’t know about. Legitimate businesses will not ask you to do that, and the government is not going to text you about paying an IRS bill, for example.
The best thing to do is slow down and do some research. Scammers want to rush you into giving them information. If the email, text message or phone call appears to be from a trusted source, contact the company to let them know about the scam. If the request is legitimate, they will call back or reach out to you another way. The VA also provides a Fraud Prevention Toolkit, which is a great way to start fraud protection measures.
Your financial institution may also have specific tools or recommendations for your protection. Navy Federal Credit Union, for instance, works with the Cybercrime Support Network to ensure their members have the resources they need.
“Ensuring the security and well-being of our members is a top priority for Navy Federal Credit Union,” said Chip Kohlweiler, senior vice president of security at NFCU. “By partnering with the Cybercrime Support Network, we aim to empower individuals with the knowledge and resources they need to safeguard their personal and financial information online.”
The Cybercrime Support Network has a military and veteran program to help the military community fight back against cybercrime. It provides education and resources through workshops, speaking engagements and educational materials that help protect your family throughout your military career and as you transition to civilian life.
While all veterans are a potential target for scammers, those on active duty may suffer specific consequences from being scammed. If your identity has been stolen or you are having financial difficulties due to a scam, it could impact your ability to maintain a security clearance.
Anyone on active duty who suspects they have been scammed should notify their chain of command immediately. You may be able to receive help from the legal office on your installation to resolve the issue.
To prevent being scammed, you can also put an active-duty alert on your credit report. This alert requires a lender to verify your identity before granting your request to open or change an account. Freezing your credit report is another option and prevents any access to your credit file unless you unfreeze or explicitly provide access to a lender. Both options add an extra layer of security.
What Do You Do if a Scammer Contacts You?
If you think a scammer contacted you, there are a few things you can do right away.
If someone was in touch with you via email, do not reply or click on any links or open any attachments.
The FTC and the USA.gov website have information on what to do if you were scammed and how to submit reports of scams. Reporting potential scams will help others avoid them.
Finally, it is a good idea to know how your bank communicates with you so you can spot a scam when it happens.
“At Navy Federal, we take the privacy and security of our member’s financial information very seriously,” Kohlweiler said. “As we take all necessary precautions seriously, we do not solicit personal and/or account information over the phone or through email.”
Taking the time now to reduce the success of scammers targeting the military community will help secure your personal information, bank account and benefits.
Learn more about how you can protect yourself against fraud at www.navyfederal.org/security.
