How to Win at Tax Season
January 31, 2020 | 4 min. read
Military money scams have been around almost as long as soldiering itself, with thieves, hustlers and con artists constantly trying to find new ways to pry military personnel of their hard-earned money. And while today’s rapidly advancing technology has made it more difficult for scammers to ply their trade, there are still plenty of scams for today’s servicemen and women to be wary of.
According to the 2019 Consumer Affairs Identity Theft Statistics Report, 1.4 million instances of fraud and identity theft took place in 2018. Victims may not only suffer financial loss, but they may also have to work through the tedious tasks of law enforcement reporting, cleaning up their credit reports and opening new accounts.
While no one is immune to fraud, the Consumer Affairs Report reveals that active-duty military are more vulnerable than the general population. The rigors of deployment make it especially challenging for service members to notice identity theft, and they may not receive fraud notifications in a timely manner. Credit card and bank fraud top the list of military money scams, with loan or lease fraud on the rise. In addition, the 2018 Better Business Bureau (BBB) Scam Tracker Risk Report indicates a staggering 85 percent jump in employment scams and tax fraud affecting the military between 2017 and 2018.
The BBB research details the enhanced risk for the military community, including these common military money scams:
In addition to countless military money scams, the FTC has identified the following populations as most vulnerable to fraud:
At First Command, we strive to provide convenient, accessible service to our clients while maintaining security and privacy. Whenever you interact with us online, your data is protected through encryption technology that scrambles the information. You can feel confident knowing we will never sell your information, and our security protocols ensure client confidentiality.
If you want to learn more about ways to protect yourself from military money scams or you simply want to get your finances squared away, speak with a First Command Financial Advisor today.
Answer just a few simple questions and — If we determine that you can benefit from working with us — we’ll put you in touch with a First Command Advisor to create your personalized financial plan. There’s no obligation, and no cost for active duty military service members and their immediate families.
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