Protect Yourself from Fraud After a Collision

TORONTO, March 21, 2013 /CNW/ - Today, the Financial Services Commission of Ontario and the Toronto Police Service launched a series of Public Service Announcements (PSAs) on what drivers should do after a collision to protect themselves from fraud.

The PSAs are accompanied by helpful infographics and cover:

• Information drivers should collect at the scene of a collision
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• How to report a collision
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• Decisions drivers need to make following a collision
• View infographic

"Don't let yourself become a victim of fraud. Be alert for signs or behaviours that suggest a staged collision. Record all relevant details and take pictures, if you can. This information will help us, help you," says Constable Clinton Stibbe of Toronto Police Service's Traffic Services Unit.

Philip Howell, CEO and Superintendent of Financial Services, adds "By being vigilant, Ontario drivers can help stop fraudsters who abuse the auto insurance system and take money out of drivers' pockets through higher premiums."

If consumers suspect insurance fraud, they should report it to police, Crime Stoppers (1-800-222-TIPS) or FSCO.

About the Financial Services Commission of Ontario

FSCO is an agency of the Ministry of Finance established under the Financial Services Commission of Ontario Act, 1997. It regulates insurance, pension plans, loan and trust companies, credit unions and caisses populaires, co-operative corporations and mortgage brokerages and administrators in Ontario.

FSCO investigates allegations of misconduct, unfair practices and non-compliance with legislation or regulations in its regulated sectors. When warranted, FSCO takes enforcement action.

QUICK FACTS

• In its Final Report, Ontario's Auto Insurance Anti-Fraud Task Force concluded that fraud in the auto insurance system is substantial and has a significant impact on premiums.
• The Task Force's Final Report contains 38 targeted recommendations on four key areas: fraud prevention, detection, investigation and enforcement and regulatory roles and responsibilities.
• It's estimated that GTA drivers pay as high as $540 more on their auto insurance each year as a result of fraud, according to research conducted by Ontario's Auto Insurance Anti-Fraud Task Force.

LEARN MORE

• Learn how drivers can play a key role in fighting auto insurance fraud
• Get information on the Toronto Police's Fraud Prevention Month 2013 campaign
• Learn more about fraud through #fraudchat, a weekly online chat about financial crime
• Find out what to do if you think you are a victim of a scam or fraud
• Read the Final Report of Ontario's Auto Insurance Anti-Fraud Task Force
• Read KPMG's June 2012 Forensic Report on Auto Insurance Fraud in Ontario

SOURCE: Financial Services Commission of Ontario