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Tips To Prepare for 2000 Scams

April 13, 1999

Tips from Donna Tanoue, chairwoman of the Federal Deposit Insurance Corp., on investment scams exploiting fears that banks won’t be able to handle the Year 2000 date change:

_Don’t give your bank account numbers or other financial information to anyone unless you initiated the conversation.

_Carefully check out any investment offer before you hand over money.

_Report investment scams to the police and to your bank, thrift or credit union.

To prepare for the Year 2000 change, financial regulators advise consumers to:

_Keep at least six months’ worth of bank and brokerage statements on hand, in case a problem develops at the turn of the millennium.

_Ask your broker what his or her firm is doing to remedy the problem and what procedures are in place for potential problems or disputes.

_Ask for a report on Year 2000 readiness from corporations in which you own shares.

_If you manage your investments and personal finances using off-the-shelf money management software, check with the vendor to make sure it is Year 2000 compliant.

_Check with the company that made your computer and its operating system to be sure they are ready.

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