Martin Lewis Urges Public to Beware of Fraudulent Cold Calls Misusing His Name
Martin Lewis, the renowned founder of Money Saving Expert (MSE), has issued an urgent warning to the public regarding a surge in fraudulent cold calls. Taking to social media platform X, formerly Twitter, Lewis cautioned individuals to "not trust" callers who are falsely using his name to promote grants for renewable energy schemes.
Details of the Scam and Lewis's Direct Response
Lewis explained that he has received multiple reports of a firm cold-calling people and offering grants for renewables, while falsely quoting that Martin Lewis had encouraged engagement with the company. In his characteristic blunt style, he stated: "The call is UTTER B******S! This is not true. Don't trust them. Politely disengage and don't speak to them."
This incident is not isolated. Previously, MSE has highlighted numerous cases where fraudsters have exploited Martin Lewis's likeness in advertisements. The finance expert has consistently warned that he never endorses such schemes. It is crucial to remember that if you encounter advertisements featuring Martin Lewis promoting cryptocurrency, investments, or banking products, these are entirely bogus and fabricated.
Official MSE Stance on Endorsements
Money Saving Expert reinforces this warning clearly: "They're dangerous and you should be on your guard. Martin NEVER endorses products and nor does MSE – so don't be fooled." The company further clarifies: "To be clear, when we say Martin and MSE never endorse products, we mean we don't put our name or logo to ANYTHING. Yes, we mention individual products and services on our site, but we don't 'support' them."
The public is advised to stay safe and never hand over personal details to anyone they do not trust, whether contact is made via text, email, or phone call.
Heightened Risk Amid Energy Bill Changes
Awareness of such scams is particularly vital this week, as energy bills are expected to fall by approximately 7% from April. The government has promised an average saving of £150 for households. However, whenever significant financial changes are announced, there is an increased risk that fraudsters will target households with sophisticated scams.
These criminals may exploit Martin Lewis's trusted name and brand to appear more credible, tricking people into divulging personal information to drain their bank accounts. It is essential for consumers to educate themselves on all changes and understand what actions, if any, they need to take.
Recent forecasts indicate that Ofgem will cut the energy price cap by £117, reducing it to £1,641 per year for a typical dual-fuel household starting 1 April. The official announcement is due on Wednesday. In November, Chancellor Rachel Reeves stated that £150 would be removed from the average household bill from April by scrapping the Energy Company Obligation (ECO) scheme, which was introduced by the Conservatives.
However, consumers have been cautioned not to expect a straightforward £150 discount. Actual savings will depend on factors such as the size and type of home, as well as individual energy usage patterns.
Steps to Take If You Encounter or Fall Victim to a Scam
Money Saving Expert provides clear guidance on how to protect yourself and what to do if you suspect you have been targeted:
- STOP: If you have already engaged with a scam, cease all further contact immediately.
- CALL: Contact your bank directly to halt any pending payments, including recurring ones. For quick access, you can dial the 159 hotline to connect with the fraud departments of major banks.
- REPORT: Report the scam to Action Fraud on 0300 123 2040 or via their website if you are in England, Wales, or Northern Ireland. In Scotland, report through Advice Direct Scotland on 0808 164 6000 or their website. You can also contact Police Scotland on 101. Additionally, for online scams, report to the Advertising Standards Authority as a supplementary step.
- SUPPORT: For further assistance, contact Citizens Advice in England and Wales or Citizens Advice Scotland. Alternatively, reach out to the Financial Conduct Authority's helpline on 0800 111 6768, available UK-wide.
For more detailed information on recognizing fraudulent advertisements and safeguarding against them, including key warning signs, refer to the official Money Saving Expert resources. The MSE team has outlined comprehensive measures to help you avoid scams and advised on the necessary actions if you believe you have already been affected.
