Year 2000-Related Fraud Prevention Guidance

The Federal Financial Institutions Examination Council (FFIEC) has issued the attached statement to alert financial institutions to the potential risks of Year 2000-related fraud. The interagency statement encourages financial institutions to alert their customers about fraudulent schemes involving the century date change. It also urges institutions to mitigate their own risks by continuing to follow internal controls and security procedures, and to enhance them where necessary. 

The FFIEC has also prepared an advisory to inform financial institution customers of potential Year 2000-related fraudulent schemes. The "Year 2000-Related Fraud Advisory" encourages customers to become informed about fraudulent schemes. It also offers tips on how customers can protect themselves from becoming fraud victims.

Because the FFIEC-member agencies expect a substantial demand for the advisory, financial institutions are being provided with the attached camera-ready art so they may produce their own supplies of the one page (two-sided) advisory.

The advisory may be reprinted in its entirety without permission from the FFIEC or the FDIC. The advisory also may be customized to fit your institution's needs. However, unless the advisory text is used in its entirety, without modification, it may not be attributed to the federal financial institution regulatory agencies. In addition, an institution may translate the advisory into another language without advance approval from the FDIC, but copies should be sent to the FDIC's Year 2000 Project Manager, 550 17th Street, NW, MB-5092, Washington, DC 20429.

Procedures for Obtaining Copies of the Advisory 

Copies of the advisory are also available from the FDIC. The advisory may be downloaded from the FDIC's Web site. In addition, paper copies of the advisory will be available from the FDIC Warehouse and the FDIC Public Information Center around July 30, 1999.

FDIC Warehouse: Bulk quantities of the advisory, up to 100 copies per institution, may be obtained by faxing your request to the FDIC Warehouse at (703) 516-5201. Your request should be written on your institution's letterhead and must include a contact name, a telephone number, the title of the document ("Year 2000-Related Fraud Advisory") and the number of copies requested.

Public Information Center: Single copies will also be available from the FDIC's Public Information Center by writing, faxing or e-mailing your request.

The attached interagency statement and related information on Year 2000 issues are available on the Internet via the World Wide Web at /news/financial-institution-letters or http://www.ffiec.gov . 

Attachments: FFIEC interagency statement ; camera-ready art of "Fraud Advisory" (41 Kb - PDF help or hard copy ) 

Distribution: FDIC-Supervised Banks (Commercial and Savings) 

NOTE: Paper copies of FDIC financial institutions letters may be obtained through the FDIC’s Public Information Center, 801 17 ^th Street, NW, Room100, Washington, DC 20434 (800-276-6003 or (703) 562-2200).