HARRISBURG — The Pennsylvania Department of Banking and Securities (DoBS) is warning investors of an anticipated surge in fraudulent investment schemes.

“As is so often the case during times of emergency, scammers will be looking to profit from the misfortune of others by targeting investors and capitalizing on concerns related to the securities market,” said Acting Secretary Richard Vague. “The narrative of the investment scheme may change, but the underlying scam remains the same.”

The North American Securities Administrators Association (NASAA), of which the department is a member, anticipates fraudulent investment schemes will rise as a result of the ongoing coronavirus outbreak.

In particular, NASAA and the department warn investors to be on the lookout for investments specifically tied to the threat of COVID-19, such as: