University of Missouri Extension

Y2K Phone Scams

Phone con artists count on consumers not to use common sense. Here are a few red flags.

A caller claims to represent your bank and says the bank isn’t "computer-ready" for the year 2000. He tells you all bank customers need to transfer their accounts to a special bond account until the bank can fully comply with the Y2K requirements. You are asked to confirm information about yourself and your account numbers. The caller mentions that if you don’t, you might lose all your money.

The Federal Trade Commission reminds consumers to be skeptical of any telephone solutions, especially those that ask you to verify personal information, provide a credit card number, or say that you must "act now". When it comes to bank warnings, get them in writing.

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Jamie Thompson
Sandra McKinnon
Site evaluation:
Cynthia Crawford
Last updated: March 09, 2005
Web site established by:
Kate Akers
Mark Belwood
Cynthia Crawford
Sandra McKinnon
Diana Hammond

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