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Cashing in
on Y2K Fears
Officials offer word to wary re phone scams
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Business New Haven
4/5/1999
By: BNH
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State banking authorities are warning bank and credit-union customers to be wary of individuals and companies using the Y2K computer date change as an excuse to solicit personal financial data regarding their accounts.
A number of consumers have already contacted the Department of Banking regarding phone calls they received from individuals claiming to represent the callees' financial institutions. Callers indicated that the bank or credit union was having difficulty complying with Y2K requirements and that their computers might not be able to handle the date change on January 1, 2000.
Some of the callers went on to say that in order to safeguard funds they might have in the bank, the consumer's accounts would have to be transferred to a special bond account specifically designed to protect the funds against possible computer failure. In addition to asking for individual account numbers, the caller attempted to obtain personal identifying information and sought verbal authorization for fund transfers. When the targeted consumers asked the callers to identify themselves, the latter typically refused.
“Obviously, this is a scam intended to prey on uninformed consumers who may be worried about how the Millennium date change will affect the accounts they maintain at Connecticut banks and credit unions,” said state Banking Commissioner John P. Burke.
“When consumers get these calls, they should simply hang up and report the incident to the banking department by phoning 860-240-8180,” added Burke. He emphasized that consumers should never provide account information to unknown callers.
Burke said this may be only the first of any number of ploys scam artists may employ to defraud members of the public in connection with the Millennium date change. However, Burke said he is confident that the state's financial institutions are among the nation's best prepared to cope with the Y2K transition.
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