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BBB warns of scams aimed at veterans

Posted by: Jane Friedmann under Advertising claims, Buyer beware, Whistleblower Updated: May 13, 2013 - 2:08 PM

The Better Business Bureau has identified a number of scams aimed at military personnel, particularly elderly veterans, that ramp up just before Memorial Day.

Here are a handful of scams aimed at military personnel.

Military loans -- Loans may promise guaranteed approval but come with hidden fees and high interest rates. Loans that require upfront fees are probably fraudulent.

Veterans' benefits buyout plans -- These offer a cash payment in exchange for a veteran's future benefits or pension payments. Veterans end up with about 30 to 40 percent of what they are entitled to.

Fake rental property or cars -- Online scammers use stolen photos of real properties or cars and promise military discounts or claim a car is owned by a service member who is facing quick deployment. After wiring money to the scammer, the victim receives nothing.

Life insurance -- Military personnel are often targets of high-pressure sales pitches for expensive policies.

Phony jury duty summons -- A caller claims the service member failed to show up for jury duty and a warrant has been issued for the person's arrest. To remedy the matter, scammers attempt to extract personal information from the service member.

To read more about BBB resources for service members, including scam alerts, a military e-newsletter and complaint and dispute resolution services, go to the BBB Military Line.

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