Martin Lewis has issued an urgent warning to Brits after a surge in scam adverts using his name and image to try to steal people's money. The Money Saving Expert founder said criminals are using everything from pictures of him to fake AI-generated videos on social media. Scammers are attempting to take advantage of the trust people place in the financial expert by making it appear as though he is promoting their products or investment schemes.
Lewis's Three Key Rules
Issuing the warning on X, Martin said: "WARNING! There's a huge rash of scam ads using me across socials right now trying to latch onto you to steal your money. Some are images, some fake AI vids. Three key rules to protect yourself (pls share)..."
"1. Investment ads with me in are criminal scams. AI Quantum Investing, Bitcoin Trader and the like: all scams. Anything claiming 'the establishment doesn’t want you to know' is a scam too."
"2. I don’t do adverts. So if it’s an ad with me in, it isn’t me. If other well known people are in it, always start from the premise that it is a scam unless you can prove it isn’t. Never the other way round."
"3. I only post from my verified accounts. Check for the verified badge and the follower count. Without trying to sound like a prat, all my accounts have hundreds of thousands or millions of followers. So if it doesn't have that, its a fake."
Scale of the Problem
The warning comes as new figures show how much money is being lost to investment scams using increasingly convincing AI technology. Report Fraud revealed last month that criminals stole £24.3million through AI-enabled investment endorsement scams between January and August this year.
More than 1,300 reports were recorded over the eight-month period, with people aged 60 and over accounting for almost 80% of them. The scams can use AI-generated images, videos and fake news articles to make it appear that a well-known person or trusted organisation is backing an investment.
How the Scams Operate
After clicking on the fake endorsement, victims can be asked to provide personal details before being contacted by criminals posing as investment advisers or account managers. Some victims are then shown apparent profits on professional-looking trading platforms after making an initial payment. They can then be encouraged to hand over larger amounts of money.
People considering an investment can check whether a company is authorised to provide investment services using the Financial Conduct Authority's Firm Checker. The FCA also warns people to be suspicious of unexpected approaches, pressure to make a quick decision and promises of unusually high returns.
What to Do If Targeted
Anyone who has already handed money or financial details to scammers should contact their bank immediately. Victims are also advised to keep evidence such as messages, emails, screenshots and payment details and report the fraud.
People who have already been targeted should also be wary of criminals contacting them again and offering to recover their lost money in return for a fee, as this could be another scam.
Commander Ollie Shaw at the City of London Police, said: "The tactics criminals are deploying to commit investment fraud are becoming ever more sophisticated. Increasingly, we are seeing various forms of AI, including deepfakes, being used to make fraudulent investment schemes appear legitimate, and ultimately more enticing to potential victims. Anyone considering making an investment should take their time and conduct thorough research. This includes using the FCA’s Firm Checker to establish if a company is authorised to provide investment services."
