Identity Thieves Target Annuities
The Colorado Division of Insurance (DOI) has issued a consumer alert saying that consumers who own annuity products through insurance companies should be on the lookout for unauthorized withdrawals. Recently, both the Kansas and Nebraska departments of insurance issued similar alerts on this topic.
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 Interim Colorado Insurance Commissioner Michael Conway. “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.”