(WFSB) – The Better Business Bureau (BBB) is reminding consumers to be wary of schemes with a patriotic or military approach.
The following scams are typically directed at service members:
- High priced military loans
- Advertisements for loans that promise a 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’ benefit 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 the veteran is entitled to.
- These buyout plans can be structured in several different ways, so research thoroughly before signing anything over.
- Fake rental properties
- Stolen photos of legitimate rental properties are used in advertisements that promise military discounts and other incentives.
- Service members will have to pay a fee via wire transfer for security payments or a key to the property, in the end they will receive nothing.
- Misleading car sales
- Websites posting classified ads will offer false discounts for military personnel or claim to be from soldiers who need to sell their vehicle fast since they have been deployed.
- Upfront fees will be required via wire transfer, or the vehicle will have problems after purchase.
- Expensive life insurance policies
- Members of the military are…
