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Service members learn about consumer safety

  • Published
  • By Pascual Flores
  • Joint Base McGuire-Dix-Lakehurst Public Affairs
JOINT BASE MCGUIRE-DIX-LAKEHURST, N.J. --  JB MDL service members received sound advice from experts during the Military Consumer Protection Day event July 15 at the Timmermann Center here.

Representatives from the Securities and Exchange Commission, U.S. Secret Service, FBI securities fraud program, U.S. Postal Office Inspection Service and the Justice Department's Service Members and Veterans Initiative participated in the panel of experts. Each provided their insight regarding cybercrime, investment fraud, the Service Member Civil Relief Act and identity theft.

"You should get your debts down, set funds aside and diversify your investments," said White. "Investments have risks and you should be aware of that and don't rush into one. If someone tries to rush you into an investment, walk away."

Identifying fraudulent techniques, White emphasized that service members should be careful of offers that sound "too good to be true" and offer guaranteed returns. She also stressed taking care with offers through social media, including Facebook and email.

"Social media is a great thing, but it can also be a vehicle for fraud," said White.

Phil Bartell, U.S. Postal Inspection Service, identified some of the scams targeting service members.

"Some of the scams are identity theft; work-at-home scams; advance-fee and debt-settlement scams; lottery and sweepstakes scams; affinity fraud; government service scams; and change of address scams," said Bartell.

Liz Singer, the Justice Department's representative, addressed deployed and mobilized service members' rights.

"When deployed, military families cannot be evicted from their home without a court order," Singer said, giving some examples of their rights. "While your car can be towed, it cannot be auctioned off when you are on active duty nor can storage companies auction off your property."

With cybercrimes and computer fraud also on the rise, military members and their families need to be aware of potential financial scams and identity theft as well as know their rights and entitlements.

The panel of experts recommended checking if a broker is licensed and registered by visiting www.investor.gov. To check out a public company, mutual fund or other investment, go to the SECs Edgar database.

"If a person is not on that database, more than likely, they have no business doing business with you," said Lori Schock, SEC's investor education and advocacy office director. "If a company is not on the Edgar database, that's another red flag."

The SEC has participated in programs and initiatives aimed at helping military members invest wisely and avoid fraud. This year's Military Consumer Protection Day event was part of that initiative.

For service members attending the event, it was an eye-opening experience and will allow them to make better-informed decisions in the future, according to a participant.

"The most beneficial thing I learned today is all the information intelligence," said Senior Airman Roderick Lewis, 514th Air Mobility Wing. "I found the information on how to protect your credit, investments and savings very helpful."