Some signs of infection shows a modified desktop background having the complete message:
Warning: Spyware threat has been detected on your PC.
Your computer has several fatal errors due to spyware activity.
It is strongly recommended to install an antispyware software to close all security vulnerabilities.
Antispyware software helps protect your PC against spyware and other security threats.
CLICK HERE TO SCAN YOUR PC FOR SPYWARE
And here's the screenshot:

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The "CLICK HERE TO SCAN YOUR PC FOR SPYWARE" is a hyper-link that points to a URL that downloads a rogue antispyware program.
One of the URL it connects to is:
hxxp://antispywareupdates.net/?aid=496.caccc8d1cbcbc7
Some security forum members reported that some variants of this virus takes you to:
hxxp://teslaplus.com
An application window with a name "Windows Security Center system" warning shows up.

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A fake Window's Security Center message suggesting to visit the malware's website.

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It also create dummy folders in Program Files directory having the following names:
- 180search assistant
- 180searchassistant
- 180solutions
- stc
- Sysmnt
- seekmo
- zango
It drops a non-executable file on those folder using an executable EXE extension name. It create these dummy files to make it look like it is actually detecting malware, when in fact the files it is reporting are generated by the same fake antivirus.
It drops a copy of itself in Windows' System32 directory. One of the many name it uses is mgmrwmrv.exe.
Additional behavior is that Internet Explorer keeps opening and accessing its malicious URL and that the Task Manager has been disabled.