Veterans Day Financial Scams To Avoid

by Lynnette Khalfani-Cox, The Money Coach on November 11, 2011

in Scams


Here’s a warning about Veterans Day financial scams.

We all know that con artists don’t take a break, even for holidays. That’s why the Better Business Bureau is warning consumers all across the country to be aware of Veterans Day scams.

You might think that people would know to have respect for members of the military, especially elderly veterans who’ve served their nation well and in many cases risked their lives for fellow Americans. But that really doesn’t matter to the scammers and con artists of the world.

In fact, the Veterans Day holiday provides a key opportunity for a lot of scammers to target the very same people who have, in fact, served this country.

So what kind of scams should you watch out for on Veterans Day?

Scams Impact Both Veterans and Civilians

Well, the Better Business Bureau says there are a number of fraudulent activities going around, affecting veterans and civilians alike.

Some fraudsters are posing as VA officials and they might contact vets to say, “We need you to update your credit card, bank, or financial information.” Of course, this is a totally bogus effort to get someone’s private information and scam them.

Other con artists are offering “instant approval” military loans. Their pitch is to tell veterans: “Don’t worry about a thing; no credit check is involved, and all ranks get approved.” When you read the fine print on these deals, of course, you’re going to find all kinds of sky-high interest rates and hidden fees – that’s if the loan even exists at all.

Free Tax Help for Military Members and Their Families

Still other financial crooks are even doing things like posing as government contractors, and then recruit veterans for bogus jobs. Of course, in the process, they want you to turn over your passport, which has, of course, a lot of personal information or your social security number or some personal data.

There are even a whole host of military scams near and far, including an online dating services ploy that targets lonely guys stationed out in Iraq or Afghanistan. With this con, the fraudster is a woman, or pretends to be a female, and asks members of the military for money. Some of them might even claim to be in danger or that there’s some kind of emergency.

Obviously, all of these scams are unconscionable, especially since military personnel already face a growing list of financial problems. But according to the BBB, this kind of stuff happens every single day of the year — and even more so during the holiday period.

A Financial Tribute to Military Dads

So if you’re a member of the military or you have a loved one who’s in the military, do watch out, do take care.

Of course, we all have charitable thoughts and ideas about giving, and many of us like to give to others. For Veterans Day, the key is to focus our efforts on helping those charities that legitimately raise funds on behalf of military organizations or on behalf or groups that are rightfully trying to help out these veterans.

One way you can do that is to check out a business or a charity for free, and you can do it through the Better Business Bureau at BBB.org. Also, anybody who is a military member or even a veteran who needs assistance should contact the United Service Organizations at USO.org.

 

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Lynnette Khalfani-Cox, The Money Coach

Personal Finance Expert and Co-Founder at Ask The Money Coach.com
Lynnette Khalfani-Cox, The Money Coach is a personal finance expert, speaker, and author of numerous books on personal finance. She appears frequently as an expert commentator on television, radio and in print.

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Glenn G. Millar

I’d like to call your attention to a program for the military that is not a scam at all. Now through Tuesday, Prosper.com will make a donation of $50 to the National Military Family Association, (www.militaryfamily.org) for every loan applied for (that is originated.)

In addition, any Vet or active military personnel that applies for a loan through Tuesday, gets their second payment free.

More details here at http://www.prosper.com/prm/vets.html?refac=RAJVU&refmc=vet&refd=Vets

Prosper is proud to support our Servicemen and women!

Glenn G. Millar
Prosper Employee

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