July is Military Consumer Month, an annual observance to increase awareness of consumer protections and financial readiness for servicemembers, veterans, and military families. During Military Consumer Month, federal agencies, including the NCUA, highlight key financial topics within the military community.

Servicemembers and military families make enormous sacrifices for our nation while facing unique financial challenges that make them prime targets for identity theft, fraud, scams, and expensive financial products and services. In 2022, the Federal Trade Commission’s Consumer Sentinel consumer complaint database received over 195,000 complaints from the military community. Military consumers reported monetary harm of over $414 million from fraud, an increase of more than 50 percent from the previous year.1

In its Consumer Protection Data Spotlight, the FTC shows that active duty servicemembers file reports about many forms of identity theft – and related problems with debt collection and credit reporting – at much higher rates than non-military consumers.2 Active duty servicemembers are 76 percent more likely than other adults to report that an identity thief misused an existing account, such as a bank account or credit card. Most notably, they are nearly three times as likely to report that someone used a debit card or some other electronic means to take money directly from their bank account.

Protect Yourself and Your Financial Footprint

  • Legal Protections for Servicemembers

    Learn how the Servicemembers Civil Relief Act and the Military Lending Act provide interest rate relief and limits on loans to active duty servicemembers. Both federal laws provide consumer financial protections and benefits for servicemembers and sometimes their dependents.

  • Identity Theft

    Identity (ID) theft is a crime when a thief steals your personal information, such as your full name or Social Security number, to commit fraud. Identity theft affects millions of people each year, especially Servicemembers. The identity thief can use your information to fraudulently apply for credit, file taxes, or get medical services. These acts can damage your credit status and cost you time and money to restore your good name. Visit IdentityTheft.gov to learn more about how to react quickly and develop a personalized recovery plan.

  • Fraud and Scam Prevention

    Knowledge is power when it comes to fraud prevention. Learn how to recognize common scams, what to do if you think you are a victim of fraud, and how to protect your finances from fraud. If you or someone you know is a victim of fraud, visit ReportFraud.ftc.gov to help law enforcement investigate and bring cases against fraud, scams, and bad business practices.

  • Monitor Your Credit

    Your credit matters. Credit reports may affect your mortgage rates, credit card approvals, apartment requests, or even your security clearance. Reviewing credit reports helps you catch signs of identity theft early. Visit AnnualCreditReport.com to get a free copy of your credit report every 12 months from each credit reporting company and ensure that the information on all your credit reports is correct and up to date.

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