Fake Auto Insurance Scam

​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: dmwinsurance@live.cadmwinsurancelimited@live.ca 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 [New Window] and the regulations that govern Ontario’s licensed insurance companies and agents.
 
FSCO’s website contains a list of all insurance companies and agents licensed to do business in Ontario as well as tips on avoiding auto insurance sales scams.
 
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 [New Window] contains a list of all brokers licensed to do business in Ontario.
 
 

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