What seems like a simple step to prevent financial fraud could instead give bad actors easy access to your bank accounts, credit cards, and other critical personal data.

State and federal resources point to credit monitoring scams as a threat to active duty servicemembers, though similar “protection” schemes may target veterans, military families, or other service-connected individuals.

The process:

• A scammer will use news reports, social media posts, or other public information to find a servicemember preparing for deployment, a veteran receiving a new or updated federal benefit, or any other ripe target.
  
  
• The scammer will reach out via email, text, social media, or phone representing themselves as a credit-monitoring firm – either one of the three established credit reporting agencies or a fake security firm, possibly with a name implying a government or military connection.
  
  
• As part of “monitoring services,” the scammer requests some level of personal information, such as credit card or bank account information.
  
  
• With the information secured (and the victim possibly on deployment), scammers use the data to make credit card purchases or secure loans in the victim’s name.

[RELATED: Scam and Fraud Prevention Resources From MOAA]

Staying Safe

Basic scam-awareness and -avoidance tactics can prevent consumers from falling for monitoring schemes. Legitimate credit-monitoring agencies won’t reach out unprompted and won’t communicate via social media or text messages. Always research any such agency via reputable resources, and use official company websites and contact details to reach out with questions instead of replying to texts or clicking links in an email.

Those seeing legitimate credit monitoring services have several choices available, including credit freezes and fraud alerts. Learn more about those products from the Federal Trade Commission (FTC).

Servicemembers have even more options, including an active duty fraud alert that requires credit bureaus to contact you before opening any accounts in your name and removes you from marketing lists for credit and insurance products. The alert lasts a year and can be renewed.

[RELATED: How to Avoid a Benefits Buyout Scam]

To set up an alert, reach out to any one of the three credit bureaus (Equifax, Experian, or TransUnion). Whichever bureau receives the request must forward it to the other two.

Active duty members and National Guard members also qualify for free credit monitoring services; reach out to all three bureaus at the above links to set up your plan. All consumers are eligible for a free credit report each week from each bureau.