How to Report Fraud
Resources for Consumers:
Resources for Industry:

The Montana Commissioner of Securities and Insurance is a criminal justice agency that investigates and prosecutes insurance and securities fraud. Protecting consumers and rooting out fraud is the top priority of the Commissioner's office.

Montana law requires agents, brokers, or anyone with reason to believe fraud has occurred to report the suspected fraud to the Commissioner's office. Depending on the nature of the fraud, the Commissioner's office offers several ways to report fraud from our website.

Options for Consumers:

  • Insurance: If you believe your insurance agent or company is committing fraud, you can file an electronic complaint with the Commissioner. Click here to start.
  • Securities: If you want to file a complaint your investment broker, dealer, or firm is committing fraud, download and follow the instructions on our securities complaint form. Click here to start.

Options for Industry:

  • Insurance: If you suspect a policyholder is committing insurance fraud by filing a bogus or exaggerated claim, download our suspected insurance fraud form and return it to our office via fax, email, or U.S. mail. Click here to start.
  • Securities: If you are an investment broker, dealer, or firm and you suspect another agent, broker, or firm is committing fraud, download our suspected securities fraud form and return it to our office via fax, email, or U.S. mail. Click here to Start.

If you prefer to report suspected fraud over the phone, or if you have questions about our online reporting options, call the Commissioner's office at 800-332-6148.

Common Types of Insurance Fraud

Fake Insurance Companies: Fake insurance companies defraud consumers by selling bogus policies with no intention of paying claims. Often, fake insurance companies draw in consumers with products that cost significantly less than those offered by competitors.

Agent and Broker Fraud: Agents and brokers who aren't properly licensed with the state may deceive customers for personal gain. If you do not receive an insurance ID card or a copy of your policy in a timely manner, this could be a sign your agent or broker is scamming you.

Consumer Insurance Fraud: The National Insurance Crime Bureau estimates that ten percent of all insurance claims filed are fraudulent, adding $200 to $300 a year in higher insurance premiums for the average household. Reporting suspected insurance fraud can help keep everyone's premiums from rising.

Common Types of Securities Fraud

Investment theft: Investment brokers who steal directly from their clients' accounts for personal gain are guilty of investment theft. Investors may not immediately notice the missing money, and if they do, the broker may try to dodge the subject or blame the loss on a drop in the market.

Ponzi Schemes: An investment broker sells bogus investment products to clients, then uses the invested money to pay returns to clients. Ponzi schemes can run for years under the guise of a legitimate investment, but they're bound to collapse when money from new investors runs out.

Pyramid Schemes: A pyramid scheme is an investment that promises participants returns for enrolling other people into the scheme. Higher levels of the pyramid a paid with the membership fees of later participants, who are in turn encouraged to recruit more participants.