Martin Lewis, the well-known British personal finance expert, has become one of the most exploited figures in online scams, with fraudsters using his name and image to promote fraudulent cryptocurrency investments.
“I have the dubious honour … of being used in more scam ads than anyone else in the UK, even though I never do any advertising,” Lewis told The Guardian.
Alongside tech billionaire Elon Musk, Lewis’s name appears in a majority of scam advertisements, according to data from Action Fraud, the UK’s cybercrime reporting centre.
A recent investigation by The Guardian uncovered a large-scale $35 million fraud scheme that relied on deepfake videos and fabricated news reports featuring Lewis, Musk, and other public figures. The fraud was exposed after a leak of scam call centre data to Swedish public broadcaster SVT, which shared the files with international media partners. Out of approximately 2,000 victims who suffered the largest losses, 652 were from the UK.
Crypto Scams Lead Investment Fraud Cases
Cryptocurrency scams remain the most prevalent type of investment fraud, with fraudsters also offering fake investment opportunities in gold, wine, property, and carbon credits. The latest data from UK Finance reveals that investment scammers stole £56 million from Britons in the first six months of 2024. The actual total is likely much higher due to underreporting, as many victims feel ashamed or embarrassed.
These scams often start with a fake social media advertisement or a fabricated news alert promoting an allegedly lucrative cryptocurrency investment. Victims initially invest small amounts, typically around £250, and are then deceived into believing they are making substantial profits. Sophisticated software creates a fictional trading screen, making it appear that their money is growing. The deception continues until victims attempt to withdraw their funds, at which point they are blocked by fabricated fees, broker commissions, or tax demands. The scam only ends when the victim is financially drained.
Scammers further manipulate victims by exploiting distrust of traditional banking institutions. Fraudsters convince victims that banks and the government view cryptocurrency as a threat, leading many to mislead their banks about their transactions. The rise in crypto-related fraud has been significant, with reports to the Financial Conduct Authority (FCA) more than doubling since 2020.
Organised Network Behind the Scams
A separate investigation traced the operations of a Georgia-based scam network responsible for defrauding thousands of victims across the UK, Europe, and Canada. The fraudsters, operating from three call centre offices in Tbilisi, used deepfake videos and fabricated news articles featuring celebrities such as Lewis, Zoe Ball, and Ben Fogle to lure victims into fraudulent crypto schemes. Despite public outcry and government efforts to curb fraudulent advertising, the scammers continued to contact victims well into 2025.
The leaked scam call centre data revealed that since May 2022, this network duped approximately 6,000 victims worldwide out of $35 million. UK victims suffered the most significant losses, accounting for £9 million of the stolen funds. Scammers aggressively targeted pensioners, small business owners, and employees, pushing them to transfer money through online banking services such as Revolut, Chase, and Kroo.
One victim, a former NHS doctor in her 70s, spent more than 55 hours on the phone with scammers before losing £50,000. A retired London Stock Exchange employee was another prime target, spending over 135 hours on the phone before being defrauded of £162,000. The leaked data also exposed the lavish lifestyle of the scammers, who spent their illicit earnings on luxury watches, high-end cars, and extravagant staff parties.
Regulatory Response and Consumer Protection
Authorities have attempted to combat the surge in crypto-related fraud, but challenges remain. The UK government recently passed the Online Safety Act, which aims to curb fraudulent advertising. However, the provisions targeting fraudulent advertisements are not expected to be enforced until next year. Meanwhile, banks and financial institutions continue to struggle with the increasing sophistication of these scams.
The FCA advises individuals to be cautious and provides a list of warning signs for investment fraud, including unsolicited contact, high-pressure sales tactics, unrealistic returns, and excessive flattery. It urges potential investors to verify whether a firm is registered with the FCA before investing. Google’s reverse image search can also help detect deepfake images commonly used in scam ads.
The Financial Ombudsman Service (FOS) has also seen a significant rise in crypto-related fraud cases. “Many of the cases we see now involve cryptocurrency,” said Pat Hurley, an ombudsman director at the FOS. With mainstream banks increasingly blocking crypto payments, fraudsters have adapted by employing multi-stage fraud tactics that encourage victims to move money through multiple financial institutions before purchasing crypto assets.
While new regulations have improved consumer protections, many victims struggle to recover their losses. Banks are now required to reimburse victims up to £85,000 under new refund rules introduced in October. The FOS also offers compensation of up to £430,000 for affected consumers.
Industry Response and Calls for Stronger Action
Lewis has been vocal in his condemnation of these scams and the platforms that enable them. “The stories I’ve heard of people who’ve lost their life savings, and their self-esteem, due to these criminals are heart-breaking,” he said. In response to the widespread misuse of his image, he has repeatedly warned the public to distrust any celebrity-backed advertisements appearing on social media. “If you see any celebrity advert on social media (or arguably any ads at all), you should assume it’s a scam until you have direct corroboration from a trusted source that it isn’t.”
Tech companies, including Meta and Google, have faced criticism for failing to prevent fraudulent advertisements. While Meta claims it removes scam ads violating its policies, critics argue that the company has not done enough. Revolut, one of the financial institutions frequently used in these scams, reported that 60% of all scam cases reported by its UK customers in 2023 originated on Meta-owned platforms, including Facebook and WhatsApp.
The UK Parliament’s science, innovation, and technology committee is currently investigating the spread of online misinformation, with concerns raised over the effectiveness of the Online Safety Act. “Our inquiry has raised significant concerns about the effectiveness of the Online Safety Act in tackling bad practices online, threats from AI, and issues with the online advertising ecosystem,” said MP Chi Onwurah, chair of the committee.
The scale of financial losses and emotional devastation caused by these scams has put increasing pressure on regulators, tech companies, and financial institutions to take decisive action. While some measures have been implemented, experts warn that fraudsters will continue to exploit regulatory loopholes and technological advancements to lure unsuspecting victims.
