The Superintendencia de Compañías, Valores y Seguros (SCVS) announced on March 19 that it has received reports of individuals or groups using the names or logos of insurance companies to offer supposed credits or manage financial procedures.
According to the SCVS, only insurance companies legally authorized by the regulatory authority are permitted to operate in the country, and their exclusive purpose is to conduct insurance activities. The agency said these companies are not allowed to carry out actions outside those established by the legal framework governing the sector.
The SCVS advised citizens to verify that any entities with which they contract insurance services or conduct financial transactions are properly authorized by competent regulatory bodies. The agency also reminded people not to provide personal information or make advance payments without first confirming the legitimacy of an offer or the entity making contact.
This warning comes as part of ongoing efforts by the SCVS to protect consumers from fraudulent schemes involving unauthorized use of reputable company identities. The agency emphasized its commitment to ensuring that only duly regulated organizations operate within Ecuador’s financial and insurance sectors.
The SCVS urged members of the public to remain vigilant and report any suspicious activity related to unauthorized credit offers using insurance company branding.
