Financial Scams Targeting Military Consumers

Military consumers report losing more money to scammers compared to all consumers, according to the Better Business Bureau*.

The riskiest scams for military consumers include:

• Employment: military reported losing 2x more than all consumers
• Credit Repair / Debt Relief: military lost 68% more than all consumers — average loss $1,300 vs $772.
• Home Improvement: military lost 14% more than all consumers — average loss $2,000 vs $1,7545.

What to do:

• Do not trust caller ID: Scammers have ways to falsify numbers and business names.
• Don't give the caller any personal information: Legitimate callers won't ask you for that information. If you already did, visit IdentityTheft.gov to find out what steps you can take.
• Check it out: Check the business' ratings, review and contract information online to make sure you are working with the real deal.
• Contact your financial institution right away if you think you've been scammed.
• Report scams to BBB Scam Tracker: visit BBB.org/ScamTracker

* Military Consumers & Marketplace Trust: An Analysis of Marketplace Challenges Facing the Military Community, a 2019 report from BBB Institute for Marketplace Trust and the Association of Military Banks of America. BBB.org/MilitaryReport

Association of Military Banks of America (AMBA), BBB Institute for Marketplace Trust, ABA Foundation