The Insurance Brokers Association of Ontario (IBAO) is warning insurance customers to watch for fraudulent calls claiming to be from their insurance provider.
The IBAO is urging all insurance policy-holders to call their broker before giving out any information if they receive suspicious calls.
In increasing occurrences, policy-holders across the province are receiving phone calls from people claiming to be from their insurance company. The caller demands immediate payment of the full-term premium or outstanding amount on the client’s policy via a credit card.
The caller also threatens to cancel their policy if payment is not received.
“We are very concerned about these fraudulent calls,” said IBAO CEO Randy Carroll.
“That’s why we’re urging Ontarians not to give their credit card information over the phone, and encouraging them to contact their broker if someone suspicious is calling in relation to their insurance policy.”
Carroll said asking for credit card information over the phone is not a standard practice for Ontario’s insurance brokers.
Insurance brokers are known for their commitment to their community and keeping Ontarians safe. Providing warnings about potential insurance scams are examples of how insurance brokers look out for their community.
“IBAO is committed to protecting consumers against scams,” stressed Carroll.
Anyone who thinks they may have been targeted by this fraud is asked to call 1-877-IBAC-TIPS.