Insurance regulators in Ontario have issued a warning about an unlicensed firm targeting Royal Bank clients purporting to sell phony identity theft insurance.
The Financial Services Commission of Ontario (FSCO) is warning consumers that a company calling itself “Sentel Insurance” has been calling Royal Bank of Canada (RBC) clients and asking for personal information for the purposes of offering identity theft protection insurance on behalf of RBC.
FSCO says that it has confirmed with RBC that Sentel Insurance does not appear to be selling a valid product, is not a valid insurance agency associated with RBC, and is not licensed to do insurance business in Ontario.
The calls come from the phone number 587-880-4306, and FSCO says that consumers should exercise caution if they are contacted by anyone from this number. Additionally, it warns consumers that if they purchase insurance from agents or insurers that are not licensed, they are not protected under the provincial insurance legislation and regulations.