A new infographic from the American Bankers Association Foundation, Association of Military Banks of America and the Better Business Bureau provides tips for veterans, active duty servicemembers and their families on how to protect themselves from financial scams targeting the military. The infographic highlights findings from a recent report that found that military consumers lost more money on employment scams, credit repair and debt relief scams and home improvement scams last year compared to all consumers.
“As a member of the military, you are presented with unique challenges—deployments, relocations and eventually, a transition to civilian life and a new career,” said ABA Foundation Executive Director Corey Carlisle. “It can be difficult to navigate major financial decisions in the midst of constant change. That’s why it’s important to educate our service members on best practices as well as red flags to look out for when managing their personal finances.”
ABA, AMBA and the BBB encourage servicemembers and their families to: not trust caller ID; avoid providing personal information to callers; verify the caller and the business online; contact their financial institution immediately if they suspect they have been scammed; and report scams to the BBB’s Scam Tracker.