NEW YORK (MainStreet)Memorial Day is the unofficial, but traditional, start to summer but more importantly it is a day we set aside to honor the military men and women who have died in service to their country. It is also a time when scams targeting the military heat up.
The BBB Military Line, a service of the Better Business Bureau, provides free resources as well as complaint and dispute resolution for all branches of the U.S. military and has compiled these most-frequent scams targeting service members:
High priced loans Beware of come-ons that guarantee instant approval or no credit checks for service members. Legitimate lenders never guarantee a loan before you apply. These military-targeted loans often have hidden fees and high interest rates, too. And loans that require an upfront "application" fee are usually a scam.
Benefits buyout plans This scam will offer an upfront cash payment in exchange for a disabled veteran's future benefits or pension payments, usually only about 30 to 40% of what the veteran is entitled to. Read the fine print to know exactly what you are giving up.
Phony jury duty summons - A caller claims to work for the local court system and states that the service member did not show up for jury duty, and there is now a warrant out for their arrest. When the victim says they never got a summons, the caller will ask for a credit card number or Social Security number to clear up the matter.