Detect Fraud Proactively

No one wants to be the next victim.

As a broker, you have an important role in protecting yourself, your firm, and the insurance industry against fraud and impersonation.

Take the proactive steps below to help mitigate these risks.

Monitor for Unauthorized Use

• Use search engines like Google on a regular basis to see if your name, brokerage, and/or branding are being used without permission.
• Check social media.
  • Even if you and your brokerage do not have accounts, scammers can still use those platforms.
  • Understand the regulatory requirements when using social media. (Refer to our new online conduct and social media guidance for details.)
• Set up Google Alerts for your name and your brokerage name, plus any relevant keywords, to be notified anytime you are mentioned.

Reinforce Official Channels

• Publish your official website, phone number, and email clearly in communications and on all platforms.
• Send formal communications (e.g., policy information) through your business email instead of unofficial channels like social media to better safeguard the confidentiality of sensitive information.
• Use consistent branding across all platforms for immediate recognition.
• Add an informative webpage that lists information on how to verify if a potential customer is speaking with you and/or your brokerage.

Have a Plan

• Create and share a plan to educate all your firm’s brokers about identifying and reporting suspected fraud or impersonation.
• The plan can include specific examples to watch out for, including fake firms listing the brokerage, brokerage licence number, broker licence number, or staff names.
• Remind consumers to verify that they are working with a licensed broker or brokerage by using RIBO’s licensee search tool.

Report Concerns

• File a complaint to notify RIBO as soon as possible if you identify possible scams, fraud or impersonation.
  • Include relevant context, links, screenshots, and other information that will assist in our assessment of the matter.
• Tell consumers who have had contact with a scammer to notify the legitimate insurance company, file a report with the police, and submit a complaint to RIBO.

Build Consumer Awareness About Fraud

Insurance fraud affects everyone, drives up costs, and erodes trust. As schemes become more sophisticated, insurance brokers play a crucial key role in prevention.

Share CISRO’s Insurance Fraud Prevention: 3 Tips to Stay Safe information sheet with your consumers.

Additional Information on Insurance Fraud Prevention

• Canadian Insurance Services Regulatory Organizations (CISRO) Consumer Awareness Working Group’s Resource Library

Stay ahead of fraud by being informed and vigilant.