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Know Your Rights. Protect Your Finances.
Service members and their Families are often targeted by scams, unfair business practices, and financial fraud. The Financial Readiness Program (FRP) helps you recognize scams, file complaints, and protect your financial well-being. Knowing your rights as a consumer lets you make smart financial decisions and avoid costly mistakes.
Recognizing and Avoiding Scams
Scammers often target military members with misleading financial offers. Common scams include:
Identity Theft
Someone steals your personal information to open accounts, take out loans, or make unauthorized purchases
High-Interest Loans and Payday Lending
Predatory lenders offer quick cash with extreme interest rates that trap borrowers in debt
Fake Debt Collection
Scammers pretend to be collectors and demand payments you don't actually owe
Phony Job Offers
Fake employers ask for personal information or upfront payment for a job that doesn't exist
Online Marketplace Scams
Fraudulent sellers take money without delivering the product or service
Protect Yourself from Scams
- Be Skeptical of Unsolicited Offers. If it sounds too good to be true, it probably is
- Verify the Source. Research companies before signing contracts or making purchases
- Never Share Personal or Financial Info. Banks, government agencies, and the military will never ask for passwords or Social Security numbers via phone or email
Military Consumer Rights and Protections
As a service member, you have special legal protections under federal law.
Service members Civil Relief Act (SCRA)
- Reduced interest rates on pre-service loans (maximum 6%)
- Protection against evictions, foreclosures, and repossessions while on active duty
- Delayed civil court proceedings for deployed Soldiers
Military Lending Act (MLA)
- Caps interest rates at 36% on loans to military members
- Prohibits mandatory arbitration clauses in loan contracts
- Prevents lenders from requiring allotments or access to your bank account
Reporting Abuses
If a lender or business violates these protections, let your local Financial Readiness Specialist know. They can provide guidance on how to report them to the CFPB, the Armed Forces Disciplinary Control Board, and your installation Judge Advocate General (JAG) office.
Identity Theft and Credit Protection
Identity theft can ruin your credit and cause long-lasting financial damage.
How to Protect Your Identity
- Shred sensitive documents before throwing them away
- Use strong passwords and enable two-factor authentication on bank accounts
- Monitor your credit reports and look for unfamiliar accounts
What to Do If You're a Victim of Identity Theft
- Freeze Your Credit. Prevent further fraud by placing a fraud alert on your credit file at all three major bureaus: Experian, Equifax and TransUnion
- Report the Fraud. File a report with the FTC Identity Theft Center
- Contact Your Bank and Creditors. Alert them about fraudulent transactions
FTC Active-Duty Fraud Alert
If you're deployed, you can file a Federal Trade Commission Active-Duty Fraud Alert, which requires lenders and creditors to take extra steps to verify your identity and helps prevent scammers from opening accounts in your name.
Resource:
- Office of Staff Judge Advocate (OSJA) 334-255-3482 or usarmy.rucker.avncoe.mbx.osja@army.mil
- Military One Source: 1-800-342-9647 or https://www.militaryonesource.mil/
- Consumer Financial Protection Bureau (CFPB): Submit a complaint about a financial product or service - https://www.consumerfinance.gov/complaint/
- Securities and Exchange Commission: Common Scams https://www.investor.gov/additional-resources/spotlight/common-scams
