Beware of Pension Poachers
June 20, 2022
Have you received a suspicious call from an organization claiming to represent or have affiliation with VA? Did the caller guarantee a lucrative payout for your disability compensation or pension claim for a “small fee?”
If so, you may be a target of a scam. Recently, VA has seen an increase of fraudsters and non-accredited representatives who are targeting the pension benefits of elderly Veterans, their dependents and survivors.
VA is committed to defeating fraudsters by educating elderly Veterans, their families, and all partners about the types of fraudulent tactics being used against them, including Pension Poaching.
Pension Poaching is the financial exploitation by an advisor who profits by artificially qualifying a claimant for VA pension benefits. The scheme often involves financial maneuvers such as advising claimants to hide their assets in trusts or annuity products sometimes resulting in lost investments and lucrative fees paid to the advisor. Pension Poaching is rapidly evolving as a preferred method used by criminals to defraud elderly Veterans, survivors and their families who are eligible for VA benefits.
To avoid being a victim to these tactics, here are some helpful tips to remember when protecting yourself from fraud:
Be suspicious if someone offers to shift your assets around to qualify for VA pension. You may be required to repay benefits to the government.
NEVER share eBenefits, VA.gov, or other VA login credentials with anyone.
DO NOT deposit VA benefits directly into a third-party bank account unless the person is court appointed or a VA accredited fiduciary.
Remember, VA does not charge for processing a claim or request a processing fee. Use VA accredited organizations to help file your claim.
VA does not threaten or take adverse actions such as jail or lawsuits on claimants. If in doubt, call VA directly at 1-800-827-1000.
To report suspected activity, please contact the VA Office of Inspector General (OIG) by calling 1-800-488-8244. You may also file a complaint with the Federal Trade Commission by visiting www.consumercomplaints.fcc.gov.
Protecting Veterans’ benefits against fraudulent activity is one of the best things everyone can do to honor them, their service and sacrifice.