BBB Warns: Beware of Memorial Day Scams

Memorial Day is a time to honor and remember all who died while serving our country during a time of war or conflict. But sadly, it has also become a key opportunity for scammers to target those who are serving or have served their nation, especially elderly veterans. As Memorial Day approaches, Better Business Bureau urges consumers and donors to be aware of scammers that feed off of the military.

BBB Military Line, the military arm of the Better Business Bureau, provides free resources, such as financial literacy information, access to BBB services, scam alerts, and complaint and dispute resolution for all branches of the U.S. military. BBB warns of the following scams that are directed at service members:

• Scammers posing as the Veterans Administration and asking veterans to update their credit card, bank or other financial records with the VA.
• Overcharging service members for free or cheap services such as military records.
• Fraudulent investment schemes that convince veterans to transfer their assets into an irrevocable trust.
• Offering “instant approval” military loans (“no credit check,” “all ranks approved”) that can have high interest rates and hidden fees. Remember, legitimate lenders will never guarantee a loan before you apply and loans that require an upfront fee are likely a scam.
• Advertising housing with military discounts and incentives. Service members will pay a fee via wire transfer for a security deposit or a key to the property – in the end they will receive nothing.
• Selling things such as security systems to spouses of deployed military personnel by saying the service member ordered it to protect his or her family.
• Selling stolen vehicles at low prices by claiming to be soldiers who need to sell fast due to upcoming deployment.
• Posing as government contractors recruiting veterans and then asking for a copy of the job applicants’ passport (which contains personal information).
• Members of the military are often the targets of unnecessarily expensive life insurance policies. Solicitors may make false statements regarding the benefits that these policies offer.

Scammers also target those who support the military, with fake charities that ask for donations to support those who have served our country. Another scheme involves scammers who pose as lonely service members via online dating websites. The victim and “service member fall in love.” Soon after, the “military member” asks for money to be wired for an emergency or to “take a trip to see the potential victim.”

BBB recommends service members, veterans, their families, and military supporters to never give personal information to someone they do not know. Also, military who are deployed should put an active duty alert on their credit reports to minimize the risk of identity theft. For more information, please click here or visit http://www.bbbmarketplacetrust.org/category/291048/military-and-veterans