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A fan of his podcast asked Martin Lewis about a message they had seen online
Martin Lewis has delivered a stark warning to people who use social media platforms such as Instagram, Facebook and TikTok. He issued an urgent appeal on a recent episode of his BBC podcast, urging his followers to exercise caution when getting information online.
He issued the warning after a listener reached out to the programme with a question about a Facebook they had come across. The advertisement promoted an investment scheme, supposedly endorsed by Mr Lewis, whereby you invest £200 and are guaranteed to receive a £25,000 return. They wanted to know whether the scheme was legitimate. The listener was informed that the advertisement was fraudulent, as Mr Lewis never endorses any such investment scheme nor appears in adverts for financial products.
In his response, Mr Lewis voiced his frustration as he is “plagued” by these fake adverts stealing his likeness. He said they frequently appear on Meta products, such as Facebook and Instagram, though there has been a surge of these scams on X recently. The financial expert stated categorically: “I don’t do adverts. While I do now do some talking about investment, nothing of this case, with specific products.”
He warned that people can lose hundreds of thousands of pounds by falling for these investment scams, as they’re persuaded to part with large amounts of cash with promises of substantial returns. He warned: “Social media is so rife with scams, that I simply would not trust any advert, especially one with a well-known face in it.
“Anything with me in is definitely a scam, but with anyone else in, I wouldn’t trust it.” The expert also encouraged people to conduct thorough research to check whether an advert you encounter on social media is genuine.
Mr Lewis said: “I would go and do independent research. You need to be very careful when you click through these things. Go and do independent, legitimate research on a recognised platform.”
Victims lose tens of thousands of pounds
Tax accountant Grace Hardy, from Hardy Accounting, has reinforced Mr Lewis’ warning and called on people to remain vigilant against these scams. She said: “Social media investment scams have become one of the most destructive forms of financial fraud in the UK.
“Action Fraud data shows that investment fraud costs UK victims hundreds of millions of pounds every year, with individual losses frequently running into the tens of thousands.” She warned that people who’ve been caught out by these fake celebrity-endorsed schemes, such as those misusing Martin Lewis’ image, have reported losing £76,000 in a single incident.
Ms Hardy explained how to check that an investment opportunity is legitimate. A key first step is to look at the Financial Conduct Authority register, as any legitimate investment firm must be registered with them.
Ms Hardy said: “If it isn’t there, don’t proceed.” Another sound principle is to question whether the scheme appears too good to be true. Legitimate investment opportunities never offer guaranteed high returns with minimal or no risk.
Check with someone you trust
You should also be cautious if there’s a pressing deadline to join the scheme. Fraudsters frequently attempt to pressure you into making hasty decisions. It’s also sensible to discuss any opportunity you’ve come across with a trusted relative or financial adviser, to confirm its authenticity.
A recent report commissioned by Ms Hardy and the Association of Accounting Technicians found that less than half of young people aged 16 to 24 had any financial education at school. Almost half of those spoken to had no savings while only around half understand how interest is applied to credit card balances.
Mr Hardy said that sadly these online scams are indeed rife: “I have even had scammers creating fake profiles of me and scamming people for money even though my platform is much smaller. The psychological damage extends well beyond financial loss.
“Victims consistently report feelings of shame, embarrassment, and a lasting erosion of trust not just in online platforms, but in their own judgement. The stigma around being scammed can prevent people from reporting it or seeking support, meaning the true scale of the problem is likely much larger than official figures suggest.”
