Fraud exposure and victimization among US military veterans: a comparison of two national surveys

Purpose This study aims to examine consumer fraud targeted at US military veterans. The recent inclusion of fraud questions in two national surveys enabled an assessment of whether the risks of fraud exposure and victimization differed between veterans and non-veterans. Variation in these risks across subcategories of the veteran population was also assessed. Design/methodology/approach Data were obtained from the 2024 waves of the National Financial Capability Study and Survey on Household Economics and Decisionmaking. Empirical analyses followed a two-step process where fraud exposure and victimization after exposure were analyzed separately. Multivariate logistic regression models were used to estimate the effects of veteran status, financial capability and sociodemographic characteristics on each outcome. Findings Veterans exhibited higher odds of fraud exposure relative to non-veterans by a magnitude of 24%–37%. However, there were no differences in the likelihood of victimization after exposure. These findings were consistent across both surveys. There was some evidence of higher fraud exposure among veterans who were racial/ethnic minorities, bachelor’s degree holders or living with functional health limitations. Younger and financially fragile veterans were more likely to lose money after their exposure to fraud. Originality/value By applying a two-step process to analyze fraud victimization and using two large national surveys, this paper provided cleaner and more robust evidence for the relationship with veteran status compared to earlier studies. It also identified subcategories of veterans who faced greater fraud risks, which prior research has not examined.