Guidance on Year 2000 Fraud Prevention

The Federal Financial Institutions Examination Council (FFIEC)¹ released guidance recently advising financial institutions to review their fraud prevention programs to ensure they are protecting themselves and their customers from Year 2000-related fraudulent activities.

The FFIEC also released a consumer advisory, titled, “Year 2000-Related Fraud Advisory” developed for financial institutions to provide to their members. The Advisory alerts consumers about potential fraudulent scams and provides steps consumers can take to help protect themselves from becoming fraud victims.

Credit unions may reproduce the enclosed Year 2000-Related Fraud Advisory, providing that the document is not changed. However, credit unions may include their contact information, such as name, address, and phone number.

NCUA encourages credit unions to communicate with their members about the potential that criminal elements may try to defraud members using Year 2000 as a cover.

Enclosed is the “Year 2000-Related Fraud Advisory,” the financial institution guidance titled “Year 2000-related Fraud Prevention,” and the FFIEC Press Release.

If you have any questions or concerns, please contact your Regional Office or State Supervisory Authority.