Beware of This Life Insurance Scam

The IRS recently notified tax professionals of a new scam that frequently targets life insurance and annuity policy owners. As part of our continued dedication to protecting our clients, we thought it was important to warn you about these con artists.

This scam is perpetrated through a variety of channels, but the basic premise is always the same: Con artists impersonate tax professionals, insurance representatives, or financial advisors and trick unsuspecting victims into sharing personal details that can put the victims at risk.

You might receive an email that appears to be quite legitimate, even from a real company with whom you do business. The email instructs you to fill out and return attached forms, in order to “update your policy” or some other false pretense. Your reply is then directed to a con artist’s email address (which might also appear to be quite legitimate), and you have now handed over sensitive information such as your Social Security number or account numbers.

Armed with this information, the criminal might now commit identity fraud in your name, access your bank accounts, or otherwise cause serious personal and financial damage to you.

The same scam might also be perpetrated over the phone, via phone calls that you believe to be from real insurance representatives or other financial professionals. Remember that giving out this information over the phone is dangerous! No matter what your Caller ID displays, it’s a bad idea to answer these people’s questions. Hang up the phone immediately if anyone calls you asking for this information.

If you’re worried about the status of an account or insurance policy, you can always call that particular company yourself and ask if their representatives have been calling you. However, in all likelihood, your financial professionals will not call and ask for such sensitive data over the phone - or via email.

We strive to keep your information safe at all times, and our systems are secure. However, if you’re ever concerned about an email or phone call you have received, please call us and we’ll help you straighten out the matter.

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Coto Financial & Insurance Services is a comprehensive professional services company providing a variety of financial solutions to individuals, business owners, and corporations.  



200 Spectrum Center Drive #150

Irvine, CA 92618

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2018 © Coto Financial and Insurance Services, Inc. © 2018

Coto Financial & Insurance Solutions, Inc. and Kinetic Investment Management, Inc. are two separate entities. Insurance products and services are offered and sold through individually licensed and appointed agents in all appropriate jurisdictions under Coto Financial & Insurance Solutions, Inc. Investment Advisory Services are offered through Kinetic Investment Management, Inc., a registered investment adviser.


Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.

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