DFPI Urges Caution Regarding Use of the “California Department of Insurance” and “DFPI” Names and Logos in a Scam Demanding “Authorization Fees”

The California Department of Financial Protection and Innovation (DFPI) has received information about scammers using a document claiming to be from the CA Department of Insurance (DOI) and the “California Department of EDFP Financial Protection and Innovation” and using the logo of the DFPI. The document states: “Following the announcement of your transaction $8.5 million dollars. The California Department of EDFP Financial Protection and Innovation [H]as investigated the funds all was found legitimate. But unfortunately your transaction requires our consent to take place. You have been placed under a charge of $1,800 for an authorization fee. Kindly pay this $1,800 within 48 hours for authorization.” The document is signed “Dave Jones, Insurance Commissioner.”

The DFPI can confirm this document is a fake. For instance, DFPI does not have EDFP in its name; the document uses the wrong address; and DFPI and DOI are separate entities. Further, Dave Jones has not been Commissioner of the Department of Insurance since 2018.

The DFPI urges consumers to exercise extreme caution before responding to any solicitation offering investment or financial services, especially if they ask you to pay fees upfront before delivering a product or service. To check whether an investment or financial service provider is licensed in California, or to submit a complaint, consumers should go to the DFPI website at https://dfpi.ca.gov/consumers/  or call 1-866-275-2677.