Did you know that, according to the Federal Trade Commission, military Families are 76 percent more likely than other adults to be victims of banking fraud? Due to the increased threat, July was designated Military Consumer Month to bring awareness to the benefits and protections created to defend service members and their Families' economic well-being.

The Servicemember Civil Relief Act is one of the measures designed to protect military Families against financial fraud. The SCRA provides additional benefits to service members who become victims of legal or financial transactions that adversely affect their rights during military or uniformed service. Benefits of the SCRA include:

• Reduced interest rates.
• Postponed negative actions.
• Termination of contracts or leases.
• Protection of service members' life insurance.
• Access to free legal counsel.

“Our financial decisions can have long-term effects on our family life, mission readiness, and security clearance. Frauds against our people undermine both military readiness and troop morale. Financial well-being is a shared responsibility.” Robyn Alama Mroszczyk, AFC®, DCS, G-9’s Financial Education Program Manager.

Establishing an emergency fund is one essential way you can protect yourself. Putting money aside each month, no matter how small the amount, will help you weather unexpected storms, and recover more quickly!

What other resources are available?

• Legal assistance. The SCRA provides free legal counsel regarding financial hardships. To find local legal advocates or JAG offices, visit https://installations.militaryonesource.mil/ Select 'Legal Services/JAG' from the 'Program or Service' dropdown menu.
• Personal Financial Managers and Counselors. PFM/PFCs are a vital resource that offers services to all active-duty, National Guard and reserve service members, their family members and survivors through no-cost financial counseling services, financial literacy and education, and assistance with consumer protection. To find a PFM/PFC closest to you, visit https://finred.usalearning.gov/pfcMap or https://installations.militaryonesource.mil and select 'Personal Financial Manager' from the 'Program and Service' dropdown menu. Alternatively, you can call Military OneSource at 1-800-342-9647.
• Military Consumer Toolkit. The Toolkit provides information on how to remain prepared during the many transitions Army Families go through, from first duty station to veteran support and every PCS and transition in between.

Military Consumer Month is also crucial in raising awareness about current financial topics that significantly impact our military communities worldwide. For example, the surge in digital payment options, peer-to-peer payments and buy-now-pay-later programs is reshaping spending habits, emphasizing the necessity for awareness campaigns and education on how to remain financially prepared.

Connect with additional resources to keep your Army Family financially ready through the Financial Readiness Program, which offers comprehensive support for Soldiers and their Families by providing educational resources, policies and advocacy efforts.

*By Kristen Murphy, Directorate of Prevention, Resilience and Readiness