They asked for my card details or promised a “guaranteed 12%”: is it a scam? How do I check who I’m dealing with?
Calls and texts pretending to be insurers, social-media “advisors” promising returns, cash to a salesperson, signatures at the door. The signs of a scam, how to check an advisor’s and a company’s registration, and what to do straight away if you have already paid.
In short
If someone asks for your card details on the phone or promises a steady high return without risk, stop: these are signs of a scam. The best defence is simple: check for yourself who you are dealing with, from official details.
- Hang up, and call the company yourself on the number in your policy. Do not tap links in “urgent” texts.
- Check the advisor’s registration on the Insurance Companies Control Service register.
- Pay only in the way the insurer sets out, and keep proof.
- If you have already paid or given details, call your bank at once and report it to the police.
From the series “The questions you are afraid to ask”: questions real people ask, with honest answers.
At a glance
- Never give card details or codes to whoever calls you. Hang up, and call the company yourself on the number in your policy.
- Nobody can promise a steady high return without risk. Such a promise is a reason to stop.
- Check an advisor’s registration on the Insurance Companies Control Service register, and pay only in the way the insurer sets out.
- If you signed an individual life policy in a hurry, you have 30 days to withdraw by written notice.
Your suspicion is healthy
“Someone called from my insurer and asked for my card.” “I got a text that my policy will be cancelled unless I click the link.” “An ‘advisor’ on Instagram promises 12%, guaranteed.” If something felt odd, you were right to stop. Scammers rely on haste and fear. The best defence is simple: you do every check yourself, from official details, before you give anything.
The signs that should stop you
- Haste: “today only”, “or you lose it”, “it will be cancelled in an hour”.
- A request for card details, one-time codes or e-banking passwords.
- A promise of a steady, “guaranteed” high return with no risk.
- Payment into a personal account, in cash without a receipt, or in crypto.
- No written documents, or “sign here, I’ll fill it in later”.
- A person or company you cannot find on any official register.
How to check who you are dealing with
In Cyprus, insurance intermediaries are entered in a register kept by the Insurance Companies Control Service. Ask for the full name, registration number and class of business (life or general), and compare them with the register on the official website. For the company itself, check that it is allowed to operate in Cyprus. For insurance-based investment products, you must receive the Key Information Document and a written suitability statement before you sign; anyone who refuses to give them is already telling you a lot. Our detailed guide explains the steps.
If you have already paid or given details
- Call your bank straight away to block the card or stop the transfer.
- Change any passwords you may have given.
- Tell the real insurer, using its official contact details.
- Report it to the Police, and keep every message, number and receipt.
- If you signed an individual life policy, send a written withdrawal within 30 days.
Your questions, one by one
Someone called saying they were from my insurer and asked for my card details. Is that real?
Treat it as suspicious. Give nothing; hang up and call the company yourself on the number in your policy or on its official website. If you have already given details, call your bank straight away.
I got a text that my policy will be cancelled unless I click a link. Scam?
Very likely. Haste and a link are classic signs. Do not click; go to the insurer’s app or website yourself, or call it on the official number, to see whether there really is an issue.
An “advisor” on Instagram promises a “guaranteed 12%”. How do I check him?
A promise of a steady high return with no risk is a warning sign in itself. Ask for the full name and registration number and check them on the Insurance Companies Control Service register. For an insurance-based investment product you must receive a Key Information Document and a written suitability statement before you sign. Pay nothing before that.
How do I know a website selling insurance is real and licensed?
Check that the company behind the website is allowed to operate in Cyprus, through the official details of the Insurance Companies Control Service. See whether the website gives a full company name, address and registration number. If you cannot find the company anywhere, do not pay.
An offshore company offers me cheap life cover by email. Is that allowed in Cyprus?
Check whether the company is authorised to offer insurance in Cyprus, using the official details of the Insurance Companies Control Service. If you cannot find it, do not pay. Remember that the Financial Ombudsman examines complaints about insurers supervised by the Superintendent of Insurance; with an unsupervised company you may have nowhere to turn.
I paid an agent in cash and never got a policy. What now?
Contact the insurer he named directly, through its official details, and ask whether there is a policy in your name. Make a written complaint with every receipt or message you have. If it looks like fraud, report it to the Police, and tell the Insurance Companies Control Service about the intermediary’s conduct.
Should I ever pay premiums into an agent’s personal account?
Pay in the way the policy and the insurer set out, so every payment leaves a trace. If you are asked for something different, such as a personal account or cash without a receipt, ask the insurer itself first. Do not pay until it confirms in writing.
My elderly father signed something at his door with a salesman. Can we undo it?
First see exactly what he signed. If it is an individual life policy, he can withdraw by written notice within 30 calendar days of being told it was concluded (Article 228 of Law 38(I)/2016). Act quickly, keep copies, and if there is a conduct issue, make a written complaint.
Is it safe to send a photo of my ID to an advisor on Viber?
Send documents only when they are really needed, only to a person you have checked, and prefer the insurer’s secure channel or app. Ask why it is needed and how it will be stored. Under the GDPR you have the right to know who processes your data and for what purpose.
What is the difference between a real insurer and an “introducer” company?
The insurer is the one that takes on the risk and pays. An introducer usually just brings customers to someone else. Ask who the insurer is and who the registered intermediary is, and check both before you sign or pay.
They ask me to pay a “fee” to release a payout. Is that normal?
Be very careful: being asked for money in order to receive money is a common scam trick. Do not pay; call the insurer yourself on its official number and ask whether there really is a claim and what is needed.
After my father died, someone offers to “find” forgotten policies for a percentage. Do I trust them?
Be wary. We did not find a central register of policies in Cyprus, so nobody has “special access”. You can write to the insurers yourself, with no percentage, with a copy of the death certificate. Our guide to the first steps after a death explains how.
The advisor asked me to sign a blank form and said he would fill in the health questions himself. Is that OK?
No. Never sign a blank form, and answer the health questions yourself. If something is missing or wrong, the claim may be at risk later, even if someone else made the mistake. Keep a copy of the application as you signed it.
An advisor called me without my asking. Is it a scam?
Not necessarily, but check their registration before you go further. Ask where they got your details. Under the GDPR you can object to direct marketing at any time; say so in writing if you do not want more calls.
How do I check that a policy I received is real?
Call or write to the insurer through its official details, not the ones printed on the document itself, and ask whether the policy number exists in your name and is in force. Ask for written confirmation.
I was scammed. What do I do first?
The bank first: call straight away to block the card or stop the transfer. Then change passwords, tell the real insurer and report it to the Police. Keep every message and receipt. It is not your fault; scammers are professionals.
Questions worth asking
- What is your full name, registration number and class of business?
- Which is the insurer, and how do I pay it directly?
- Can I have the Key Information Document and the suitability statement before I sign?
- Where did you get my details?
What you can do from today
- Save your insurer’s official numbers from the policy, not from messages.
- Do not click links in texts or emails about “urgent” policy matters.
- Before you sign, check the advisor’s and the company’s registration.
- Pay only in the way the insurer sets out, and keep proof.
- Talk to your older parents about these signs, and ask them to call you before they sign.
What went wrong for others — and how to avoid it
- No proof of what was sent and what was paid. The Financial Ombudsman asks for the original complaint with proof of the date. Pay in a way that leaves a trace, and send by email or registered post.
- The 6-month deadline for complaining was missed. A written complaint to the firm must be made within 6 months of learning of the problem. Send something short straight away; you can add the details afterwards.
General information, not advice (medical, legal or insurance). For your own case the law, your policy terms and what the insurer or the competent authority confirms to you in writing apply. AVRASTRO is not an insurer.
Sources
- Insurance Companies Control Service (ICCS), Ministry of Finance — Complaints
- Financial Ombudsman of the Republic of Cyprus — Frequently asked questions (in Greek)
- Financial Ombudsman — Information for natural persons
- CyLaw — Law 38(I)/2016, Article 228 (right to withdraw from a life contract)
- Insurance Distribution Directive (EU) 2016/97 — Article 30
- PRIIPs Regulation (EU) 1286/2014 — Article 13 (Key Information Document)
- Regulation (EU) 2016/679 — General Data Protection Regulation (GDPR), EUR-Lex
- Cyprus Mail, 17 November 2025 — Duty of full disclosure in health insurance (Legal View)
Read also: How to check an advisor is registered · Can I trust an advisor? · Who sees my medical data? · My claim was refused: what now? · After a death: where do I start? · “Insurers are thieves”: what is true?
