Veterans and Scams: What to Watch Out For
Serving in the Armed Forces teaches discipline, resilience, and loyalty — qualities that continue long after the uniform is folded away. But it also teaches trust: trust in your commanding officers, in your team, in the system you served. And sadly, it is exactly that trust which makes many veterans a prime target for financial scams.
In recent years, there has been a worrying rise in fraudsters targeting former service personnel. From fake pension schemes to cold calls offering exclusive investment deals, veterans are being deliberately and repeatedly targeted by criminals who exploit their military history, their finances, and their sense of duty.
At Justice4Heroes, we’ve spoken to many veterans who were caught out by smooth-talking scammers and slick marketing. Some lost their pensions. Others handed over thousands of pounds to fraudsters. Many were too ashamed to speak up — and that silence only allows the scams to continue.
This blog aims to help prevent that. We’re shining a spotlight on the scams affecting veterans today, sharing real red flags, and offering practical advice to keep you and your family protected.
Why Are Veterans Targeted?
Veterans have unique vulnerabilities when it comes to scams:
Sudden access to lump sums from pensions or compensation
Less familiarity with civilian financial products and systems
A tendency to trust figures of authority or persuasive salespeople
Loyalty to others in uniform, which fraudsters can exploit
Isolation, especially in older veterans or those with hearing loss or mobility issues
In some cases, scammers deliberately purchase ex-forces marketing data or use military-themed language to build rapport. One former soldier reported being approached by someone who claimed to have served in the same regiment — only to later discover the connection was fake.
Others are drawn in by promises of exclusive “veterans-only” financial products, tax breaks, or investment schemes that seem tailor-made for those who have served. But in truth, these are nothing more than well-packaged traps.
Common Scams Targeting Veterans
Here are some of the most frequent scams reported by veterans in the UK:
1. Pension Transfer Scams
Veterans are often encouraged to transfer their Armed Forces pension into a private scheme, usually a Self-Invested Personal Pension (SIPP). The sales pitch may include:
“You’ll have more control over your money”
“This is a tax-efficient investment for ex-forces personnel”
“We only offer this to select veterans like yourself”
In reality, many of these schemes involve high-risk or unregulated investments. Some are outright scams. Once your pension is transferred, it can be extremely difficult — or impossible — to recover the funds if it fails.
2. Investment Scams
These scams offer too-good-to-be-true returns on exotic or high-yield investment opportunities. Common themes include:
Overseas property (especially hotel developments or retirement resorts)
Forestry and green energy schemes
Storage pods, car parks, or crypto assets
Loan notes or “ethical bonds”
The hook? They’re often marketed as safe, “veteran-approved,” or government-linked. They are not. And when they collapse, the scammers vanish.
3. Charity Impersonation Scams
Veterans are more likely to support military charities or respond to messages claiming to come from trusted organisations. Fraudsters take advantage of this by:
Pretending to be from Help for Heroes or similar groups
Sending fake fundraising emails with links to malware
Cold-calling for donations to fictitious military causes
Always verify the charity through the Charity Commission and never click unsolicited email links.
4. Fake Compensation Claims Services
Some scammers pose as legal advisers or claims handlers offering to “help” you get money for hearing loss, pension mis-selling or injury — for an upfront fee. They may even claim to be from the Ministry of Defence.
In truth, they’re collecting personal data and money for doing nothing at all. Once the payment is made, the firm disappears.
Legitimate claims firms and solicitors do not charge upfront fees for this kind of help. If you’re ever unsure, speak to a trusted organisation like Justice4Heroes first.
5. Phishing and ID Theft
Ex-service personnel are often targeted by phishing scams — emails or messages that appear to be from the MoD, HMRC, NHS or a pension provider. They may ask you to:
Confirm your personal details
Click a link to “check your pension”
Download a document that installs spyware
These are designed to steal your identity or gain access to your accounts. No legitimate organisation will ever ask you to send sensitive data by email or text.
Real Signs You’re Being Targeted
If you’re not sure whether a financial opportunity or offer is genuine, here are some warning signs to watch for:
You’re asked to act quickly or risk missing out
The person claims to have special access to military-only deals
You’re asked for upfront fees before any service is provided
You’re told not to speak to family or friends until the deal is done
There’s no proper documentation or they avoid putting things in writing
They are vague about risks, and only highlight the “benefits”
The firm is not listed on the Financial Conduct Authority Register
The investment is based offshore, unregulated or unusually complex
If anything feels off — stop. Take your time. And never be afraid to say no.
“But I’m Too Smart to Fall for That”
Many of the veterans we speak to are intelligent, experienced people who never imagined they’d fall for a scam. But modern scams are not crude. They are psychologically clever, emotionally manipulative and often highly targeted.
Fraudsters are skilled at:
Building trust quickly
Mimicking the language of professionals or government agencies
Exploiting loneliness or financial pressure
Using fear of missing out to push you into action
The strongest defence is not just intelligence — it’s information and a healthy dose of scepticism.
How to Protect Yourself
Check the FCA Register before dealing with any financial adviser, investment firm or claims handler
Never pay upfront fees for a compensation service — if in doubt, check with us
Be wary of cold calls, unsolicited emails or text messages offering financial products
Talk it through with someone you trust before signing or transferring anything
Use strong passwords and do not share personal information via email or text
Report suspicious behaviour to Action Fraud at www.actionfraud.police.uk
Justice4Heroes: Here to Help
At Justice4Heroes, we are campaigning not just for compensation for those affected by past wrongdoing — but also for greater protection to stop future harm.
We help veterans:
Understand their rights and options
Get connected with trusted, regulated advisers and solicitors
Share scam warnings with their community
Reclaim losses caused by financial mis-selling
Access help with hearing loss, pensions and more
If you’re worried you may have been misled — or want to run something past someone confidentially — we are here. There’s no judgment, no pressure, and no obligation.
Final Thoughts
If you or someone you care about served in the Armed Forces and is now being approached with unusual financial offers — take a step back and ask the tough questions. Scams rely on speed, silence and trust. The more informed you are, the harder they fall.
Visit www.justice4heroes.org for help and guidance on safe financial support for veterans
Support our petition to ensure pre-1987 veterans receive the justice and protection they deserve: https://petition.parliament.uk/petitions/715800
Your service was real. Your voice matters. Let’s make sure no veteran is left behind or led astray.
