Volna Overton, his third cousin, said the identity thief has for months been using Overton's money to buy savings bonds.
The unidentified thief somehow managed to get their hands on Overton's Social Security number, which they used to set up a fake bank account and access his personal checking account.
The family said the alleged thief stole "a considerable amount" of money from the account but would not specify how much. He's also contacted Treasury Direct and reported the theft to the Austin Police Department.
Richard Overton (C), 107 years-old, who is believed to be America's oldest living veteran is acknowledged by U.S. President Barack Obama during a ceremony to honor veterans at the Tomb of the Unknowns on Veterans Day at Arlington National Cemetery on November 11, 2013 in Arlington, Virginia.
'My mind goes up and down the gamut from A to Z of who it could be, but it could be someone in a foreign country, ' he said. "It's a shock. It hurts".
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The amount of money that was taken hasn't been revealed, but Volma told the Dallas Morning News that what was taken "was a significant amount of money".
Overton's bank account, however, is separate from a GoFundMe account that has been financing his in-home care since December 2016.
He is the oldest man in America, according to the Gerontology Research Group.
They discovered the issue Thursday when one of the World War II veteran's cousins made a deposit into his account. Members of the public helped celebrate, including Austin Mayor Steve Adler and Austin Police Chief Brian Manley.