Loan broker scam alert

The Insurance Brokers of Alberta Association have announced a scam alert.

We have been advised that the Saskatchewan Financial Services Commission has issued a public warning about a loan broker scam, wherein a consumer from Manitoba sent over $5,000 to a purported lender, supposedly located in Regina. The consumer asked for proof of the lender's authenticity and was sent a fake license, issued by the "State of Saskatchewan."

We are told that the website for the scammer is sophisticated as are the lending commitment documents.

The news release and fake license are attached as shown below.

If you are approached by this firm, please contact your agent or broker who will get in touch with the Superintendent of Insurance.