Despicable scams being used on local veterans
Horrible but true.
The BBB Wisconsin says the men and women of our military are often the targets of scams and around Veterans Day.
Swindlers go after vets because they know they draw guaranteed benefits.
While veteran payments are paid over a lifetime, they often aren't enough to pay all of the bills.
Financial predators know this.
Here's a list of scams:
Bogus Sales- A scammer claiming to be a deploying service members posts a large ticket item on a classified ad website that he needs to sell right away at a steep discount. The scammer asks for upfront payment with a wire transfer or gift cards.
Real Estate Rip Off-A scammers posts a fake rental property on a classified ad website offering military discounts. You just need to wire transfer a security deposit to the landlord.
VA Phishing-A caller claiming to be from the Department of Veterans Affairs calls to "update" your information.
Fake Charities-Fake charities use names that are close to the names of legitimate charities, often referencing Armed Forced, veterans or military families.
Benefits "Buyout"-Scammers will target veterans in need of money by offering cash in exchange for their future disability or pension payments. These buyouts are typically a fraction of the value of the benefit. Note: the benefits buyout scam also goes by the name of "pension advance." A company will offer to "buy" scam also goes by the name of "pension advances." A company offers to "buy" monthly pension payments in exchange for lump sum payment. It's actually an unregulated, high interest loan.
Dubious investment advice-An "adviser" will tell the veteran she is missing out on benefits, and wants to review her investments portfolio. He'll then want to put the veteran's investments in a trust, to appear to have fewer assets and to therefore be eligible for an additional pension.