The Financial Services Commission of Ontario (FSCO) is warning consumers of a mystery shopper scam conducted by My Shop ltd. and Mystery Globe Survey Group.

The scam involves letters and cheques being sent out using the Insurance Institute of Canada’s name and logo, citing payment for a mystery shopper assignment. The individuals who received the letters and cheque are asked to deposit a cheque, keep a portion of the money in their accounts as payment and send the rest to a different account. However, the cheque will not clear and the money wired will be lost.

The Insurance Institute of Canada has no affiliation to either company involved in the scam and did not authorize the cheques.

Individuals who receive anything from the fraudulent companies should forward copies of what their received to the Canadian Anti-Fraud Centre.