The scam victims who were military personnel, veterans or their spouses reported higher median losses than non-military consumers, the BBB said.
nj.com says in its recent article entitled “Veterans warned to beware of scams that target military families” that a common scam is “pension poaching,” which targets elderly and disabled veterans and their families.
The Better Business Bureau says that unethical financial planners, insurance agents, or other entities may claim they can help their marks apply for Veterans Affairs benefits programs, sometimes charging large advance fees.
These poachers may actually be trying to get veterans to move their assets to try to gain benefits they can’t qualify for, allowing the poacher to profit at the veteran’s expense.
New York recently passed legislation called the Pension Poaching Prevention Act that is designed to protect veterans from scammers. The bill restricts who can receive compensation for preparing benefits.
Senator Vin Gopal (D-Monmouth), who serves as chair of the Military and Veterans’ Affairs committee, was asked if New Jersey is working on similar legislation.
"Through their service and sacrifice, our veterans earn an array of well-deserved benefits – but that too often makes them prime targets for scammers and con artists,” Gopal said in an email. “Right now, we’re working to push a bill — S2838 — that would require telecom companies to warn their customers about potential scams or fraud risks. That’s an invaluable tool to many New Jerseyans – and especially older residents – who are finding themselves lost in an ocean of robocalls and scammers.”
Senator Gopal said he will review efforts by New York and other states “to see how New Jersey can continue to defend our veterans and keep their benefits safe."
Reference: nj.com (Nov. 11, 2019) “Veterans warned to beware of scams that target military families”