Consumer Alert: Identity thieves target annuities

Work with your company to protect personal and financial info.

DENVER (Feb. 6, 2018) – The Colorado Division of Insurance (DOI), part of the Department of Regulatory Agencies (DORA), is cautioning consumers who own annuity products through insurance companies to be on the lookout for unauthorized withdrawals.

Recently, both the Kansas and Nebraska departments of insurance issued similar alerts on this topic. Here in Colorado, both the DOI and the Attorney General’s Office are aware of reports of this type of fraud activity happening.

In these situations, the criminals contact the companies in an attempt to initiate cash withdrawals of the annuities.

“This is another area where people need to be on their guard,” said Michael Conway, interim Insurance Commissioner for Colorado. “Identity theft can cost thousands and shatter lives. Consumers should pay attention to all correspondence about their annuities, and be sure that account balances and personal information are correct.”

Being aware that such scams exist is important, but not enough. Individuals with annuities, or even life insurance, can contact their companies and ask what is being done to prevent large scale breaches like those we see in the news. Consumers will also want to ask about protections that can prevent access to their individual accounts, and what steps policyholders and account holders may take to add additional security to those accounts.

If you believe something like this has happened to you, contact your insurance company immediately. You can also contact the Division of Insurance to ask questions or file a formal complaint - 303-894-7490 / 800-930-3745 (outside of the Denver metro area) / DORA_Insurance@state.co.us.

The Colorado Attorney General’s Office also encourages people to learn more by visiting their Stop Fraud Colorado webpage for insurance fraud.

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The Colorado Division of Insurance (DOI), part of the Department of Regulatory Agencies (DORA) regulates the insurance industry and assists consumers and other stakeholders with insurance issues.  Visit dora.colorado.gov/insurance for more information or call 303-894-7499 / toll free 800-930-3745

DORA is dedicated to preserving the integrity of the marketplace and is committed to promoting a fair and competitive business environment in Colorado. Consumer protection is our mission. Visit dora.colorado.gov for more information or call 303-894-7855 / toll free 1-800-886-7675


Media Contact:
Vincent Plymell
Division of Insurance
vincent.plymell@state.co.us 
p: 303-894-2261 | c: 303-910-9614