FSA warns of Y2K scam

The Financial Services Authority (FSA) has issued an urgent warning to consumers about a telephone-based banking scam.

A band of fraudsters have been conning bank account details out of US customers by calling up claiming to be a representative of their bank and pretending that year 2000 preparations mean they must surrender all authorisation details.

Now UK customers are being targeted, according to the FSA. It is advising that any calls requesting bank details be ignored and immediately reported to the recipient's bank.

The FSA - a government department responsible for overseeing the finance industry - states there are no financial institutions currently facing serious risk of disruption as described by the con-artists.