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Fee Scam Involving Unauthorized Use of DFPI Logo

May 15, 2024

The California Department of Financial Protection and Innovation (DFPI) has received information about scammers fraudulently claiming to be from the “Department of Financial Protection and Innovation” and using the same letterhead and logo of the DFPI.

The imposters are seeking to defraud consumers out of their money in exchange for a “Financial Protection Plan Fee” and “Change of Name” fees which were to be paid via a digital payment app. The document does not specify “California”, has a signatory named “Daniel Quach, Chief Information Officer”, and contains multiple grammatical errors.

Although Mr. Quach is CIO at DFPI, he is NOT involved in this solicitation. The DFPI does NOT reach out to consumers to solicit money for “Financial Protection Plan Fees” or “Change of Name” fees. The DFPI also does NOT collect money from consumers via digital payment apps. Consumers should contact the DFPI via a verified telephone number of the DFPI to confirm the authenticity of any communication from the DFPI.

Additionally, 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  or call 1-866-275-2677.

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Last updated: May 15, 2024 @ 4:00 pm