Due to the coronavirus, the stock market is making headlines right now, for all the wrong reasons. Scammers see it as the perfect time to prey on consumers with investment scams.

Who Is It Targeting: Small-time, first-time, and seasoned investors

What Is It: Various scams that target novice and seasoned investors

What Are They After: When the stock market makes headlines—whether good or bad—scammers are more prone to come after unsuspecting consumers and steal their money. Some investment scams may simply tell victims to invest heavily in a certain stock, while others will actively trick investors into handing over their personally identifiable information. With news of the coronavirus growing each day, this is also a time when spoofed emails—such as those that appear to come from a financial institution or brokerage—can lure someone in and steal their account access.

How Can You Avoid It:

  • Do not act on instinct or be driven by panic
  • Remember that the stock market is a long-term prospect, not a “get rich quick” scheme
  • Always seek out professional information before you respond or take action

If you think you may be a victim of identity theft or an investment scam, contact the Identity Theft Resource Center for toll-free, no-cost assistance at 888.400.5530. You can also live chat with an expert advisor. Find more information about current scams and alerts here. For full details of this scam check out this article from TMJ4.com