REGION — 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.
To appear legitimate, the scammers provide the borrower with a certificate of insurance from the California Department of Insurance that includes the Great Seal of the State of California. The certificate is fraudulent. The California Department of Insurance does not issue insurance certificates.
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, contact the California Department of Insurance Consumer Services Division toll-free at (800) 927-4357.