HALIFAX, Nov. 29, 2011 /CNW/ - Insurance Bureau of Canada (IBC) congratulates the Royal Canadian
Mounted Police (RCMP) for its investigation that led to charges against
four individuals involved in an interprovincial stolen vehicle and
insurance fraud scheme.
"Organized insurance fraud is a big business. And when fraudsters cheat
the system, honest policyholders end up paying in the form of higher
premiums," said Bill Adams, Atlantic Vice-President, IBC.
He added: "Today's charges are a great example of what can be done when
police, insurers and other stakeholders work together to fight crime."
In this case, some of the accused allegedly used fraudulent documents to
register vehicles they didn't actually own or possess, and then would
declare the vehicles stolen and collect insurance money. Other accused
were using fraudulent documents to register and sell stolen vehicles
with "cloned" Vehicle Identification Numbers (VINs).
To help avoid purchasing a stolen vehicle, consumers should buy cars
from a reputable dealer. Running a car history report also helps to
reduce the likelihood that you will be a victim of auto theft.
IBC has been helping Canadians fight auto theft for more than 80 years,
and continues to advocate for measures to address the underlying
factors that contribute to the problem of insurance fraud.
Fraud costs everyone. If consumers are aware of someone who is cheating
the system, TAKE THE TIME, REPORT THE CRIME. Visit www.ibc.ca or call 1-877-IBC-TIPS to submit a confidential tip or to learn more
about insurance fraud.
About Insurance Bureau of Canada
Insurance Bureau of Canada is the national industry association
representing Canada's home, car and business insurers. Its member
companies represent 90% of the private 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
To view media releases and information, visit the Media Centre of IBC's
website at www.ibc.ca.
SOURCE INSURANCE BUREAU OF CANADA
For further information:
Erika Bennett at 416-362-2031 ext. 4312