"Although Veterans Day is behind us, it's still the perfect time to honor the service and sacrifices made by those who wore our nation's uniform. Yet for many aging veterans, the threat they now face comes not from a foreign adversary, but from scammers and abusers here at home. Elder fraud is a growing concern across the country, and older veterans are increasingly among its victims."
"Veterans are at higher risk of elder fraud with multiple overlapping factors making them more vulnerable to fraud as they age: 1. Higher Income, Lower Savings Veterans often have higher household incomes due to pensions or benefits. However, according to the National Council on Aging (NCOA), many individuals have less in long-term savings, which increases the financial damage when fraud occurs."
Elder fraud involves illegal or improper use of an older adult's assets, property, or income through deceit or manipulation. Most states define an older adult as age 60 or older or an individual with cognitive or physical impairments. Veterans lost an estimated $419 million to fraud in 2024, causing financial losses and eroding trust, independence, and quality of life. Multiple overlapping factors increase vulnerability: pensions or benefits can raise household income while long-term savings remain low; higher education does not prevent scams when trust or urgency is exploited; service-related health issues and cognitive decline increase dependence and exposure to exploitation.
Read at Securitymagazine
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