MADISON, Wis. (WMTV) – The Better Business Bureau is warning that although Memorial Day is a time to honor those who have lost their lives for our country, scammers also like to take advantage of this time of year.
Scammers use Memorial Day to take advantage of victims in a variety of schemes with a patriotic or military approach.
According to the BBB, in 2021, active-duty military reported losing significantly more money ($300) than military spouses ($170) or veterans ($220). While the percentages of military spouses (43%) and veterans (42.7%) who reported losing money when exposed to a scam were very similar to the percentage of the general population (42.8%) reporting monetary loss, the susceptibility of active-duty military (60.7%) was about 42% higher than the overall population’s susceptibility.
The BBB’s Military Line provides free resources and access to services for all branches of the U.S. military.
The BBB says the following scams are typically directed at military members:
- High-priced military loans: Advertisements for a loan that promise a guarantee, instant approval or no credit check will often come with hidden fees and high interest rates. Legitimate lenders will not guarantee a loan before you apply, and loans that require an upfront fee are likely a scam.
- Veterans’ benefits buyout plans: This buyout plan will offer a cash payment in exchange for a disabled veteran’s future benefits or pension payments. The cash amount is only about 30-40% of what…
