IBC launches new fraud-focused section on website http://getintheknow.ibc.ca/

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TORONTO, March 5, 2012 – Fraud is big business and it costs Canadians millions of dollars each and every year. At the start of Fraud Prevention Month, Insurance Bureau of Canada (IBC) reminds you that when someone cheats the system, you pay.

“Insurance fraud comes in many forms. Sometimes it’s the work of organized groups or gangs that stage collisions or coordinate the shipping of stolen vehicles overseas. But insurance fraud can also involve normally law-abiding citizens who see a chance to make extra dollars by padding an otherwise legitimate claim,” said Rick Dubin, VP of Investigative Services at IBC. He added, “When someone makes a false or exaggerated claim, honest consumers pay more than they should for insurance.”

“Insurance fraudsters are very creative,” says Dubin, “They will take advantage of unsuspecting consumers. Your best defence is a good offence�and being informed is a great defence.”

To ensure Canadians can be as knowledgeable as possible about insurance fraud, IBC has revamped its popular social media site http://getintheknow.ibc.ca/ to make the fraud-related content front and centre. The site provides a wealth of resources to help Canadians understand the issue and most importantly, recognize the red flags associated with scammers. IBC’s Twitter Feed @InsuranceBureau provides frequent updates with key links to fraud-related content and generates discussion on the issue and how it impacts everyday Canadians through its #FraudFightingFriday hashtag.

“It is important to be aware of schemes, be informed about your personal information and accounts and be vigilant if something just doesn’t seem right,” says Dubin.

Other helpful tips include keeping your personal information confidential and protecting your identity both online and on paper. Shred documents that contain personal information or account numbers and beware of telephone calls or emails offering you deals that are just too good to be true.

IBC executives are available during March for interviews about all aspects of insurance fraud and how it impacts Canadians. To reach someone in your area, contact Helen Lialias at 416-362-2031 ext. 4312.

About Insurance Bureau of Canada

Insurance Bureau of Canada is the national industry association representing Canada’s private home, car and business insurers. Its member companies represent 90% of the property and casualty (P&C) insurance market in Canada. The P&C insurance industry employs over 114,000 Canadians, pays more than $7 billion in taxes to the federal, provincial and municipal governments, and has a total premium base of $40 billion.

To view media releases and information, visit the media section of IBC’s website at www.ibc.ca.