LOS ANGELES, Calif.
— California Department of Insurance Enforcement Investigators
have identified a national insurance scam targeting consumers shopping for privately funded loans. The alleged scammers contact consumers who have inquired online about securing a loan, using the name Taylor Investments
or a version of this name (this person is also a victim
). The borrower is told they qualify, but must first purchase a Loan Payment Protection Insurance policy
to pay the loan, in the event the borrower is unable to make payments and avoid default. The victim is instructed to wire the premium payment to an out-of-state checking account.
If you have been contacted by anyone offering to loan you money and require you to purchase a loan guarantee policy DO NOT SEND THEM MONEY OR PROVIDE ANY PERSONAL INFORMATION
. If you suspect you are the victim of these scammers or have information about the case, please contact the California Department of Insurance Consumer Services Division
toll-free at 800-927-4357.
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- Victims have been identified in New York, Pennsylvania, Tennessee and Texas and lost a total of $100K among them.
- Two victims are willing to share their stories with the media. Contact the California Department of Insurance Communications team, if you are interested in interviewing one of the victims.
- CDI is working with insurance departments nationwide to warn consumers and investigate the allegations.