Can I Beat your Insurance Quote Scam

Beware of one of the latest insurance phone scams out there designed to get some sensitive information from you and leave you out of pocket. It never ceases to amaze me how creative criminals can get nor how gullible victims can be. These scams only work because people are not aware, so please share with as many people as you can. The thrust of the scam revolves around an insurance quote. You receive a call from a well-spoken salesperson who introduces themselves from an accredited insurance company. They usually choose a well-known brand and go through all the expected blurb about how the call will be recorded for security purposes and that they are an accredited financial institution. They then ask if they can quote on your insurance and pretty much guarantee a lower premium and if they cannot they will offer a small financial reward (similar to the Outsurance offer of R400 if they cannot beat your current premium). With this carrot in place, they start to ask a list of questions which ultimately will become the criminal handbook on robbing you. They ask for details about your security systems, burglar guards, alarms, pets, when the house is empty, domestic staff, additional valuables, where you park your car and so on. These questions might seem inappropriate and would certainly raise a red flag during a regular phone call but from an insurance company they are pretty standard. If they determine that your property is not a viable target for theft, they will present a higher quote than expected. They will then request your credit card details so they can deposit a small financial reward as they could not beat your existing premium. Once criminals have your account number, expiry date, cvv number and name on the card they can use it internationally to purchase a variety of goods without verification. They will often conclude these purchases late at night taking advantage of international time zones so that you will not become aware of any transactions until the following morning when it is too late. In essence, never entertain an unsolicited telephone call or if you feel the need to, at least verify the caller’s identity by calling the company they are from and checking. Also, ask where they got your contact details from and NEVER ever give any private information over the phone especially regards your security or your accounts.