Friday, April 2, 1999

April 2, 1999

Y2K SCAMS

The NCL's National Fraud Information Center is warning about two scams that are related to the Y2K computer problem. So far, no one who has reported these pitches to the NFIC has actually fallen for them, but there is the potential for consumers to lose money from their bank accounts or find unauthorized charges to their credit cards.

In one scenario, the consumer gets a call from someone who claims to represent his or her bank and says that the bank's computers will not be ready for the year 2000. The consumers is told that all customers' funds must be transferred to a special bond account in order to protect them. Then comes the catch -- the caller says that to verify that he is talking to the proper person about the account and to move the money, he needs the consumer's bank account number and verbal authorization to transfer the funds.

The second scam is similar. The call comes from someone purporting to represent the consumer's credit card issuer. The caller says that in order to make the consumer's credit card Y2K compliant, a kit will be sent with a sticker to affix to the card. However, the caller needs the consumer's credit card number for verification.

The NFIC offers these tips for consumers: