As a Veteran, you may be a prime target for financial scams. Fraudsters often exploit the trust, discipline, and benefits associated with military service to trick Veterans and their families into handing over sensitive information or hard-earned money. From fake investment opportunities to fraudulent calls claiming to be from the VA, scams come in many forms and can be difficult to recognize in the moment.
At AAFMAA Wealth Management & Trust LLC (AWM&T), we believe protecting your financial future goes beyond investment management and planning. It also means equipping you with the knowledge to recognize red flags, safeguard your assets, and know what steps to take if you become a victim.
Read on to discover how to identify common scams, what immediate actions to take if you’ve been targeted, and proven ways to prevent fraud before it happens.
Familiarize Yourself with these Common Scams
With the advent of new technology, it’s crucial to stay informed and alert. Although there are specific scams that target active-duty servicemembers and Veterans, here are some common cons designed to exploit your trust.
Tech Support Scams: Scammers pose as tech support representatives from reputable companies, claiming the victim's computer has issues. They persuade you to grant remote access or pay for unnecessary services.
Romance Scams: Fraudsters create fake online profiles to establish romantic relationships, eventually convincing victims to send money for various fabricated reasons. In 2024, such scams resulted in losses amounting to $39.2 million in Pennsylvania alone.
Government Impersonation Scams: Individuals claim to be from government agencies, such as the VA, threatening arrest or fines unless immediate payments are made, often demanding payment through untraceable methods.
Investment Schemes: Scammers offer fraudulent investment opportunities, promising high returns to access retirement savings.
Grandparent Scams: A caller pretends to be a grandchild in distress, requesting immediate financial assistance for emergencies like bail or medical expenses.
Recognizing Signs of Financial Abuse
Financial exploitation can show up in many subtle but serious ways. One warning sign is unexplained financial transactions, such as unexpected withdrawals, transfers, or sudden changes in financial documents. You may also notice sudden changes in your financial standing, such as insufficient funds to cover bills and purchases, or a drop in your credit score. Another red flag is isolation or coercion by a caregiver or family member, particularly if they begin limiting access to your friends, relatives, or other support systems, or if they control your communication channels. Finally, the disappearance of property or funds without explanation, whether it’s cash, valuables, or other assets, can point to potential abuse that requires immediate attention.
10 Ways to Prevent Financial Abuse and Fraud
While no one can control the actions of scammers, there are practical steps you can take to protect yourself and your loved ones. By making a few smart choices and building good financial habits, you can greatly reduce the risk of falling victim to fraud or exploitation. Here are ten ways to stay proactive and safeguard your financial well-being.
1. Stay Informed: Regularly educate yourself about common scams targeting Veterans and military families.
2. Protect Personal Information: Never share sensitive information like Social Security numbers or bank details with unsolicited contacts.
3. Verify Contacts: Independently confirm the identity of individuals or organizations requesting money or information.
4. Consult Trusted Individuals: Discuss financial decisions with family members or financial advisors before proceeding.
5. Use strong passwords: Create complex passwords with a mix of letters, numbers, and symbols, and avoid reusing them across multiple accounts.
6. Choose unique security questions: Select security questions and answers that aren’t easily guessed or found on social media, such as a childhood nickname instead of your mother’s maiden name.
7. Enable multi-factor authentication: Add an extra layer of protection by requiring a code sent to your phone or email in addition to your password.
8. Review your credit report annually: Request a free annual credit report to check for errors or unauthorized accounts opened in your name.
9. Monitor your bank and credit accounts for suspicious activity: Regularly review statements and set up alerts to catch unusual transactions right away.
10. Lock up or shred sensitive documents: Keep important papers such as tax records or account statements in a secure location, and shred them before disposal to prevent identity theft.
Steps to Take If You’ve Been Victimized
If you discover that you’ve been targeted by a scam, the most important thing to remember is that you are not alone, and help is available. First, cease all communication with the scammer right away to prevent further harm. Then, take steps to report the incident. Start by notifying your local law enforcement and filing a complaint with the Federal Trade Commission (FTC) so that authorities can track and address the fraud. It’s also critical to alert your financial institutions as quickly as possible; your bank or credit card company can stop suspicious transactions, secure your accounts, and help protect your remaining assets. Finally, don’t hesitate to seek support. Local adult protective services, Veteran resources, or senior assistance organizations can offer guidance, reassurance, and additional tools to help you recover financially and emotionally.
Trusted Guidance with AWM&T
While scams can be unsettling and even overwhelming, remember that experiencing fraud does not define you, and recovery is always possible. By staying vigilant, knowing the warning signs, and reaching out for trusted support, you can take back control of your financial future. Most importantly, you don’t have to face these challenges alone. The team at AAFMAA Wealth Management & Trust LLC (AWM&T) is here to guide you, answer your questions, and stand by your side every step of the way. To get in touch, call 1-910-307-3500 or click here to speak to a professional.
About Us
Founded in 2012, AAFMAA Wealth Management & Trust LLC (AWM&T) was created to meet the distinct financial needs of military families. We proudly deliver experienced, trustworthy financial planning, investment management, and trust administration services – all designed to promote lasting security and independence.
We are proud to share the mission, vision, and values of Armed Forces Mutual, our parent company. We consistently build on the Association’s rich history and tradition to provide our Members with a source of compassion, trust, and protection. At AWM&T, we are committed to serving as your trusted fiduciary, always putting your best interests first. Through Armed Forces Mutual's legacy and our financial guidance, we provide personalized wealth management solutions to military families across generations.
© 2025 AAFMAA Wealth Management & Trust LLC. Information provided by AAFMAA Wealth Management & Trust LLC is not intended to be tax or legal advice. Nothing contained in this communication should be interpreted as such. We encourage you to seek guidance from your tax or legal advisor. Past performance does not guarantee future results. Investments are not FDIC or SIPC insured, are not deposits, nor are they insured by, issued by, or guaranteed by obligations of any government agency or any bank, and they involve risk including possible loss of principal. No information provided herein is intended as personal investment advice or financial recommendation and should not be interpreted as such. The information provided reflects the general views of AAFMAA Wealth Management and Trust LLC but may not reflect client recommendations, investment strategies, or performance. Current and future financial environments may not reflect those illustrated here. Views of AAFMAA Wealth Management & Trust LLC may change based on new information or considerations.
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