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July's Military Consumer Protection Month focused on fighting scams
July is Military Consumer Protection Month and the Department of Defense (DoD) Office of Financial Readiness and the Federal Trade Commission (FTC) this month will focus efforts on bringing awareness to and stopping imposter scams that target servicemembers, veterans and their families. Credit unions have a strong commitment to protecting servicemembers and their families from financial exploitation.
Recent FTC data revealed that military consumers lost more than $25 million last year to imposter scams; the median loss among this group was almost $200 higher than the median loss reported by the general U.S. population.
Throughout the month, the FTC, DoD and federal, state and local partners will provide tips on how to identify and avoid scams on Facebook and Twitter; the agency also has a shareable video available.
NAFCU has resources available online on various defense credit union issues, including the Military Lending Act. The association continues to work with federal agencies and regulators to ensure credit unions can provide the best financial options available to military families.
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