March 20, 2013
The Financial Services Commission of Ontario (FSCO) is warning consumers that an individual is claiming to sell auto insurance on behalf of DMW Insurance Ltd. and contacting victims via Blackberry Messenger (BBM) and providing them with a phone number and/or email address to call for cheap insurance.
The following email addresses and phone numbers have been used in relation to this scam: email@example.com, firstname.lastname@example.org and (647) 719-4161, (416)-529-1424, (647) 837-3586. Victims were directed to pay their auto insurance premium via an email money transfer service.
DMW Insurance Ltd., a legitimate brokerage registered by the Registered Insurance Brokers of Ontario, has confirmed that it is not affiliated or associated with this individual.
Consumers should exercise caution when responding to ads or offers to purchase auto insurance that promise extremely low rates and do not provide the name of a licensed company or brokerage.
Consumers are also advised not to pay their auto insurance premium in cash or via a wire or email money transfer service – these are not common practices in the insurance industry.
If consumers purchase insurance from agents that are not licensed in the province, they are not protected under the Insurance Act and the regulations that govern Ontario’s licensed insurance companies and agents.
An Ontario insurance broker can provide information and advice on the risks involved with purchasing different insurance products. The Registered Insurance Brokers of Ontario (RIBO)’s website contains a list of all brokers licensed to do business in Ontario.