According to the National Insurance Crime Bureau (NICB) and data collected by the Federal Trade Commission, military veterans and retirees are not exempt from fraud schemes, and accounted for $66 million of fraud losses in 2020 alone.
To help protect veterans and retirees from becoming victims, NICB released a list of the most common fraud schemes targeting this demographic:
Staged Auto Accidents
“Sometimes auto accidents aren’t really accidents at all. They are staged, deliberate crashes designed to make it look like it’s your fault, when you’re actually the victim.”
2. Roofing Fraud
“While insurers pay out roughly a billion dollars a year to cover losses, sometimes those payments end up in the pockets of unscrupulous contractors.”
3. Towing Scams
“The NICB is warning and educating consumers about unethical and illegal practices among some rogue towing and storage operators and repair shops around the nation.”
4. Auto Glass Fraud
“There have been questionable practices by the vehicle glass repair and replacement industry where they advertise that a windshield replacement is ‘free.’ Unfortunately, what they are asking you to be part of may be insurance fraud. These too-good-to-be-true offers drive up your auto insurance rates and raise the overall costs of auto glass repair services."
5. Slip & Falls
“Here's how a typical slip and fall scenario plays out: a small shopkeeper is alone at work when a customer arrives and roams the aisles looking at merchandise. Moments later, the customer starts calling out for help. The shopkeeper responds to find the person on the floor, moaning and groaning from an injury they claim was caused when they slipped on something on the floor.”
Spreading awareness, being vigilant and willing to help our veterans and retirees can protect them against fraud schemes. If you see something suspicious, say something!