Martin Lewis has spoken out about the emotional toll of seeing his name and image used in fake investment scams, admitting he feels "completely let down" by politicians and tech firms over the lack of action to tackle online fraud. The consumer finance expert revealed he was overwhelmed with emotion after hearing from an elderly disabled woman who lost her life savings after investing in a scheme that falsely claimed his endorsement.
Emotional Admission
"I can't cope with the number of people who are being scammed," Lewis said, after an email from one victim reduced him to tears. "THEY ARE B******S!" he wrote in a social media post about the case, later revealing he had "tears running down my face" after reading her story.
Speaking to The Guardian about the incident, he said: "I felt a mixture of frustration, anger and sadness," adding that his anguish was driven not only by the woman's financial losses but also by the "constant, ongoing deluge of shit from the scammers."
Personal Toll
Despite repeatedly warning the public that he never promotes investments, Lewis says fraudsters continue to use convincing AI-generated videos and fake adverts bearing his likeness to dupe unsuspecting victims. He described the personal toll of seeing his trusted reputation exploited, saying it felt "like a slap in the face."
The MoneySavingExpert founder said heartbreaking cases come in so regularly that his organisation now employs a full-time member of staff to deal with victims. Analysis of Action Fraud data examined by MoneySavingExpert indicated victims reported losses exceeding £20 million to scams featuring Martin throughout 2024, making him one of the most frequently impersonated public figures in fraudulent advertising.
Organised Crime
Martin contends the problem extends well beyond individual fraudsters. "Scammers is not the right word," he said. "This is organised crime. And these are psychologically adept marketing systems."
Despite legislation aimed at holding technology companies more accountable for scam advertising, Martin believes progress has stalled. "Absolutely bugger all has been done," he said, adding that promised consultations have been repeatedly delayed. He also criticised politicians for failing to prioritise the issue, saying: "I feel completely let down by the entire political classes."
Call for Action
Martin has called on ministers to fully enforce existing laws, introduce stricter verification processes for advertisers, and impose heavier financial sanctions on platforms allowing fraudulent adverts to appear. "Ultimately, the way you stop scam adverts is very simple," he said. "You make it cost more to publish them than they make from publishing them."
He also recalled a striking encounter with a building caretaker who insisted an investment bearing Martin's image was legitimate. "I said: 'I don't have an investment,'" Martin explained, but the man refused to accept this, with the presenter revealing it took more than 20 minutes to convince him the advert was fake.
Emotional Strain
Despite the emotional strain, Martin maintained he refuses to hold himself responsible for crimes carried out in his name. "I have done nothing wrong," he said. "And I can promise myself – which is what matters – that I have done everything anyone feasibly can do to fight this and to get things changed. I will not allow these criminals to bite into my morality."
When asked whether he believes he is winning the battle against online fraud, Martin responded frankly: "Do I feel I'm losing this one? Yes, I am losing it. That's it. I'm losing it."
