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This bill establishes a federal task force to combat financial fraud targeting active-duty military members, veterans, and military families, who are disproportionately victimized by scams and fraud schemes. The bill requires the Secretary of Defense and Secretary of Veterans Affairs to create the task force within 90 days, bringing together representatives from the Defense Department, Veterans Affairs, Federal Trade Commission, Consumer Financial Protection Bureau, Department of Justice, Federal Communications Commission, and nonprofit organizations specializing in fraud prevention. The task force will examine current fraud tactics—including investment scams, imposter schemes, pension theft, and predatory lending—and evaluate whether existing federal protections like the Military Lending Act are effective, then report findings and recommendations to Congress within 180 days and annually thereafter. The legislation responds to rapidly increasing fraud losses against military consumers, which jumped from $477 million in 2023 to $584 million in 2024, according to the bill's findings. The bill does not specify dedicated funding amounts but establishes an ongoing interagency coordination mechanism to address what lawmakers characterize as an urgent and growing threat to military financial security.

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