JOHNSON CITY, Tenn. (WATE) – Tennessee officials are warning consumers about a national insurance scam.
The Tennessee Department of Commerce and Insurance has joined other state regulators in warning about a national insurance scam targeting consumers shopping for privately funded loans, likely for real estate.
So far, victims have been identified in three states including Tennessee, where a Johnson City man says he lost $18,000 to scammers.
We’re told the scammers call people who have been looking online for loan information.
They’ve been using the name Val Taylor investments, saying they can arrange a loan but first you have to buy “loan payment protection insurance”.
To appear legitimate, the scammers provide a fraudulent certificate of insurance that appears to be issued by the California Department of Insurance, includes the Great Seal of the State of CA and bears the name of the borrower.
State regulators confirm this is fake and implore consumers not to send them any money or provide any personal information.
WATE’s Don Dare has covered a similar story right here in East Tennessee. A Harriman woman’s bank account was drained by scammers claiming to work for a loan company. Thankfully, the community gave back to help make sure she could pay rent.