According to the security firm, web users worldwide are being encouraged to download an application that claims to offer access to Google Wave - a new invite-only online tool for real-time communication and collaboration.
However, the application is in fact malware which allows hackers to potentially steal senstive personal data from PCs.
Patrick Fitzgerald, security analyst at Symantec, said: “Cybercriminals have used Google Wave for the bait precisely because of current its popularity".
"Furthermore, using a trusted brand like this increases the chance of success for the attacker. Unfortunately, this technique is something fraudsters use all the time and internet users should be wary – if something appears too good to be true, then it usually is."
The security firm urged web users to be careful when clicking on links, only download software was from a reputable source and ensure your security software is up-to-date.