How Scammers Are Targeting Your Clients

What You Need to Know

Many scammers pretend to be with insurance or financial services companies.
Final expense insurance scam calls are especially common.
Labeling calls could distinguish your calls from scammers’ calls.

Scammers are working overtime to target your clients.

Reports show that insurance (#1) and financial services (#5) rank in the top five of most spoofed entities. That means fraudsters could be calling your clients posing as a company representative to steal funds and/or personal information.

A recent survey found that 52% of people say they’ve received a scam call where the scammer requested insurance information to illegally obtain their personal data.

This survey also found that nearly 60% of respondents reported losing at least $250 due to a health care scam, with some losing $2,000 or more to scammers.

Fraudsters call hundreds of people each day, dialing for dollars and information.

Some of the most common scam tactics targeting insurance and financial services clients today include:

Saying that the call recipient was named as the beneficiary on the life insurance policy of someone who recently passed away, but an outstanding premium balance is preventing them from issuing payment.
Informing the call recipient that there’s a problem with an existing insurance policy and asking for Social Security number or a payment to keep the policy in force.
Posing as an insurance agent or representative from the insurance company and requesting prepayment for future medical treatment, services or devices.
Offering new financial services products, free products or a ‘get rich quick’ opportunity and pressuring the call recipient for personal and account information.

Final expense insurance scam calls are a prime example of this, targeting seniors preparing their wills and funeral arrangements.

While clients want to receive calls from their insurance agent and financial advisor, they are wary of answering calls from unknown numbers and falling victim to scams like these.

These are legitimate concerns at a time when scam calls plague clients daily.

Recent data estimates that U.S. mobile subscribers received over 100 billion scam calls during the first six months of 2022.