August 2018  l Volume XXX 

MILITARY CONSUMER MONTH WRAP-UP: SAVE & INVEST


  

As we wrap up the last week of "Military Consumer Month: Save & Invest", BBB Institute would like to share a few investment tips with you and remind you to think before you invest. Follow us on Twitter  @BBB_Institute for more articles and tips!

MILITARY FRAUD  &  SCAMS

The Ins and Outs of Initial Coin Offerings
By BBB Institute and FINRA Staff

As digital assets like cryptocurrencies gain popularity, the terms "initial coin offering" and "digital tokens" have become common phrases in technology and investment circles. Some reports estimate that startups raised over $5 billion through ICOs in 2017, indicating that many entrepreneurs and investors view this capital raising method as a viable way to raise funds for their business ventures. In 2018 so far, reports estimate that ICOs have doubled in volume from last year, raising more than $12 billion.


Imposter Scams: Don't Be Fooled By "Guarantees" or Money-Making Pitches from "Regulators"
By FINRA

There is nothing like an iron-clad guarantee to make you feel secure about a purchase. Sadly, financial fraudsters know what a psychological balm the word 'guarantee' can provide, and use it as a tactic to make their investment pitches look more appealing.

FINRA wants to warn investors that scammers are posing as regulators to separate you from your money. We want you to know that neither FINRA, nor any of its executives, will ever provide a "guarantee" on an investment or offer to facilitate your participation in any sort of money-making scheme. Never.

Military Consumer Month: Armed with Knowledge
By Federal Trade Commission (FTC)

About 1.3 million Americans are active duty servicemembers. Another 800,000 are in the Reserves and nearly 20 million are military veterans. That means most companies are very likely to employ or do business with the military community. During Military Consumer Month, you can help the FTC and our partners empower military personnel and their families to avoid crooks. This year's focus is on fighting imposter scams. That's  when con artist disguise their true identity and pretend to be someone you trust, to convince you to send money or personal information. The scam can take many forms. Imposters may say they're calling from the government or from a business with technical support expertise. Other scammers lure unsuspecting victims by posing as legitimate users of online dating sites, or say that there's and emergency with a friend or family member. BBB Institute is partnering on this initiative.

Military Travelers Warned of Travel Card Scam
By Military.com

The Defense Finance Accounting Service (DFAS) is warning Defense Travel System users of a new phishing scam targeting government travelers.

The finance center says that scammers are sending an official-looking email notifying some members that they weren't paid correctly for their last TDY, and that the person should click on a link to update their information.

REPORT A SCAM

FINANCIAL TIPS

Most Americans Don't Have Enough Savings
By Military Saves

Do you have enough savings to cover an emergency? If not, you're among 71 percent of people that don't have enough set aside to cover six months' worth of expenses. Having money set aside for unplanned expenses is essential, but, according to the Bankrate survey released in June, only 29 percent of adults say they have a large savings account.

 


Preparing Your Finances for Deployment
By FINRA Investor Education Foundation

Which emotion best describes your pre-deployment state of mind? Excitement? Anxiety? If you're like many service members, or a military spouse, there's probably a lot of stress as well. While you can't eliminate pre-deployment stress, getting your finances under control can help reduce it. Developing a deployment financial plan and focusing on a savings routine will allow you to concentrate on your upcoming duties.

BBB SPOTLIGHT

Happy Birthday!

BBB Institute would like to wish both the
U.S. Coast Guard and Marine Force Reserve a very 
Happy Birthday. 

NATIONAL PURPLE HEART DAY

National Purple Heart Day

August 7th is National Purple Heart Day. National Purple Heart Day honors the men and women who have been wounded or killed in military service.

RESOURCES

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