Watch Out for Military Scams this Memorial Day

Each Memorial Day, we honor military members who have lost their lives for our country. Unfortunately, scammers take advantage of service men and women with a variety of cons.

How the Scam Works :

Keep a lookout for these cons targeting members of the military and their families. See the full article on BBB.org for more details.

High-priced military loans : Advertisements for loans that guarantee instant approval or no credit check will often come with hidden fees and extremely high interest rates. Remember that legitimate lenders will never guarantee a loan before you apply, and loans that require an upfront fee are likely a scam.

Veterans’ benefits buyout plans : These plans offer cash payment in exchange for a disabled veteran’s future benefits or pension payments. The cash amount is only about 30-40% of what the veteran is entitled to. Buyout plans are structured in different ways, so research thoroughly before signing.

Expensive life insurance policies : Members of the military are often the targets of high-pressured sales pitches that offer unnecessary, expensive life insurance policies. Solicitors may make false statements regarding the benefits that these policies offer.

Tips to avoid these scams :

For More Information
You can also find some excellent tips at BBB.org/AvoidScams. BBB Military Line provides free resources, such as financial literacy information, and complaint and dispute resolution for all branches of the U.S. military.

If you’ve been the victim of a military scam, use your experience to help others avoid falling prey by reporting it at the BBB.org/ScamTracker.