Buyer Beware: Don't fall victim to consumer fraud

  • Published
  • By Senior Airman Jessica L. Puletapuai
  • 19th Airlift Wing Legal Office
LITTLE ROCK AIR FORCE BASE, Ark. --  Although not commonly discussed, consumer fraud is prevalent and is affecting service members, dependents and military veterans. 

Consumer fraud is considered any deceptive practice that causes financial loss to consumers as a result of seemingly legitimate business transactions. The Consumer Financial Protection Bureau (CFPB), Service Members Affairs Office (OSA), specializes in assisting the military community and veterans with these financial challenges and sharing preventive measures.

OSA coordinates military consumer protection measures with federal and state agencies. According to officials, "[w]e've received more than 35,000 complaints from servicemembers, veterans, and their family members. Their experiences tell us a lot about priorities in the market and where to focus."

The CFPB web page offers consumers a chance for to get answers in regards to financial questions such as payday loans, student loans, credit reports and other money basics. You can also find information about the law and regulations governing consumer financial protection.

The website also allows users to submit complaints. The bureau accepts complaints about bank accounts, credit cards, credit reporting, mortgages, money transfers, student loans and vehicle loans.  When a claim is submitted, the CFPB issues a ticket number and forwards the complaint to the company in question.  Using the ticket number, they provide users with status updates on responses from the product or service companies.  Complaint information is shared with state and federal law enforcement to be investigated, and the CFPB reports the information to Congress.

For users who don't wish to file a complaint, CFPB provides an option to tell their story, good or bad, for other readers to view. You can visit the CFPB website at http://www.consumerfinance.gov/servicemembers/, or you can call them toll free at 855-411-2372.

The CFPB is just one of many resources utilized in consumer fraud issues. Thousands of people are defrauded annually, including numerous military personnel.  Ensuring preventive measurements are taken may assist in reducing this risk.

I you have questions about the CFPB or think you may be a victim of consumer fraud, stop by the legal office in Bldg. 1250 or call (501) 987-7886.