New FDIC Program to Help Consumers Avoid
and Report Fraudulent Internet Banks As weve warned elsewhere in this
issue and in previous editions of our newsletter, unscrupulous people and groups establish
Internet sites that claim to be insured banks when, in fact, they dont have a
legitimate banking charter and are not FDIC-insured. Consumers who send money to a bogus
bank run the risk of losing their funds. To help get these sites off the Net , the
FDIC is developing a new service on our Internet home page (www.fdic.gov) that will enable
consumers to check the validity of a bank Web site (before they do business) and to report
suspicious new sites via an e-mail to the FDIC. The system is expected to be up and
running soon, so watch for more details in an upcoming FDIC Consumer News
and on the FDIC home page.
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