The Wisconsin Department of Agriculture, Trade, and Consumer Protection is celebrating Military Consumer Protections Month.
Last year, the Federal Trade Commission received over 192,000 reports of fraud, identity theft, and other consumer issues from active-duty military personnel, retirees, veterans, reserve and national guard forces, and their families.
Whether they face scams or unfair business practices, current and former service members and their families can rely on the DATCP for assistance.
In 2023, more than one-third of the reports to the FTC from military consumers indicated financial losses due to fraud.
The total reported losses exceeded $477 million, with $350 million impacting military retirees and veterans.
Imposter scams were the most reported fraud category, with over 42,000 cases, followed by the online shopping fraud with more than 13,000 reports.
Investment-related scams, although fewer in numbers with just under 4,000 reports, had the highest median losses of $7,000.
Additionally, there were over 39,000 reports of identity theft, with active duty servicemembers being nearly three times more likely than the general public to report theft directly from their bank accounts.
Rapid response is crucial in recovering from identity theft, making servicemembers more vulnerable if their duties prevent them from quickly identifying and addressing the issue.
It is advised to set up fraud alerts on credit cards and a security freeze on credit card reports to receive immediate notifications when a new account is requested in your name.
For more information and resources or to file a report, visit consumerprotection.wi.gov.
