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How scammers could use the scare to steal your money

The health of your wallet could be at risk as the new coronavirus spreads to new parts of the globe.

Consumers are warned that they could soon be inundated with fake products, phony stock deals, fabricated emails, texts and social media posts that are designed to steal money and personal information. 

Fraudsters love to play into our fears.

Michigan Attorney General Dana Nessel and the Michigan Department of Health and Human Services warned that scammers could be asking for donations for potential victims, providing advice on unproven treatments or providing phony information via social media. 

The threat of the coronavirus is real, Nessel said in a statement, but there have been no confirmed cases in Michigan.

The U.S. Securities and Exchange Commission also issued an alert to warn of investment schemes that could pitch products or services that will be used to help stop the coronavirus outbreak.

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