Media Releases 2008

November 13, 2008

Insurance Bureau of Canada warns consumers about phone fraud scam

TORONTO – Insurance Bureau of Canada (IBC) is warning consumers to avoid disclosing financial information over the phone after several consumers received calls from fraudsters pretending to be insurance industry representatives.

“Consumers today really need to stay vigilant,” said Rick Dubin, Vice-President, Investigations. “These con artists will do whatever they have to do to get your financial information.”

The caller claims to be from the policyholder’s insurance company and demands the immediate payment, by credit card, of an outstanding amount on the client’s premium. The caller threatens to cancel the policy if payment is not received. The calls have taken place across the country, indicating an organized crime ring might be at work.

“The bottom line is that you should never divulge financial information during a phone call you did not initiate, and your insurance company would never ask you to,” said Dubin.

Any consumer who thinks they may have been targeted for this form of fraud is asked to write down as much information as possible, including originating phone number, and call the IBC Tips Line at 1-877-IBC-TIPS.

Insurance Bureau of Canada is the national industry association representing Canada's private home, car and business insurers. Its member companies represent nearly 95% of the property and casualty (P&C) insurance market in Canada. The P&C insurance industry employs over 108,000 Canadians, pays more than $6 billion in taxes to the federal and provincial governments, and has a total premium base of $36 billion.

To view news releases and information, visit the media section of IBC’s website at www.ibc.ca.

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For more information, please contact: James Geuzebroek (416) 362-2031 ext. 4364