Broker regulator warns of exam scam 

Ontario’s broker regulator is warning students to only use verified exam providers after it became aware of an exam scam targeting students. 

Registered Insurance Brokers of Ontario (RIBO) reports at least one instance where a fraudster impersonated an exam service provider and a RIBO employee. 

The fraudster used unauthorized logos, fake documents, misleading links, and social media ads to collect payments, administer fake exams and issue falsified results. 

“The scam also involved creating a fake RIBO exam and delivering it to the scam victims,” the regulator said in a release.  

Brokers are reminded the RIBO licensing exam is administered by only two organizations: the Insurance Institute of Canada (IIC) and the Insurance Brokers Association of Ontario (IBAO). 

“RIBO does not administer exams directly,” the statement reads. “Any other provider or platform claiming to offer RIBO exams is not authorized and is fraudulent.” 

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RIBO warns students to: 

• Only register through official links and emails 

• Verify communications are legitimate. RIBO and its exam providers will never make contact through social media or messaging apps 

• Never register for exams through Facebook, Instagram, WhatsApp or any other social platforms 

• Never send payment via e-transfer, cash apps or cryptocurrency. RIBO exam service providers do not use those payment methods 

• Be wary of unofficial-looking websites or poorly written communications 

Further, RIBO says, its exam providers will never request documents related to someone’s immigration status, nor ask about a person’s status as a condition to write the exam or apply for a license. 

Brokers suspecting a scam incident are asked to report it to RIBO and their exam administrator. If money has been transferred, brokers are asked to notify their bank and file a police report.  

Alyssa DiSabatino

Alyssa Di Sabatino has been a reporter for Canadian Underwriter since 2021, covering industry trends, market developments, and emerging risks.