California Ethics Identity Theft - Includes CA Anti-Fraud Training

The purpose and objective of this portion of theh course is to provide the student with information and insight about the ethical obligation regarding “Identity Theft”, especially as it relates to the potential negative impact on consumers’ financial planning goals and retirement planning issues and objectives. This course provides them with a base of knowledge to allow the student to play an important role to ensure that their clients and prospective clients are aware of how identity theft can adversely affect their financial life, both short and long-term. The presentation sheds considerable general and specific light on this growing problem and solutions. It will also help the student to take specific steps to prevent identity theft from happening to them, their families, and their clients.

Planning for retirement and overall financial wellness issues are presented in a framework around the new additional financial “risk” that we all are faced with – Identity Theft. The text increases the awareness and understanding for the student of the “cash intensive” nature of annuity products of all descriptions and the fact that they are especially attractive and vulnerable to identity thieves. It discusses and illustrates the enormity of the problem of “Identity Theft” and the fact that it is on the rise. And, it clarifies that the chance of it happening to any one of us, the agents, and our clients is great.

As insurance agents and brokers you provide an essential service and serve as an important resource for homeowners, renters, drivers and consumers across the state. You also play a key role in anti-fraud effort for the insurance industry as you are in a unique position to detect suspicious insurance applications, potential fraudulent transactions, and claims, and stop them before the fraud is committed.

Because of the change in state law, beginning in 2023, agents and brokers now have a duty to report suspected fraud. The new requirement will assist investigators in the Enforcement Department to do their job to protect consumers.

This training is really aimed at helping you identify red flags for potential fraud so you can meet your reporting duty. In doing so, you are helping prevent fraudulent insurance transactions and sending a strong deterrent message.

We look at how to get a better handle on knowing how identity thieves and other forms of fraud work, what they are looking for, what they do with what they steal, and how it affects us both in time and money – all negatively affecting our financial well-being, as well as retirement savings and investing.

We review what should and can be done if, if fact, one becomes a victim of “Fraud” in all of its forms and areas of fraud in California.