Crypto scammers exploit celebrity images, NatWest reveals – Cryptopolitan

NatWest, a prominent British bank, has released its annual Celebrity Scam Super League table, revealing the celebrities whose images are unknowingly used by fraudsters to steal millions of pounds from unsuspecting individuals. Peter Jones, known for his role in Dragon’s Den, is topping the list, closely followed by renowned naturalist Sir David Attenborough. Surprisingly, Holly Willoughby and Philip Schofield, who jointly topped the table last year, have dropped out of the top rankings for the first time.

Social media: The breeding ground for scam ads

The majority of scam advertisements targeting consumers originate from social media platforms. Facebook and Twitter, among others, have been implicated in facilitating fraudulent schemes. One striking example involves Elon Musk, owner of Twitter, whose image was used in an advertisement that cost a victim £42,500. The prevalence of scam ads on social media has become a cause for concern, highlighting the need for a collaborative effort between regulators, law enforcement agencies, and social media companies to combat this issue effectively.

While cryptocurrencies have been associated with scams in the past, NatWest’s data reveals that the top three celebrity scams did not involve digital assets. Instead, fraudsters exploited the popularity and trust placed in certain celebrities to deceive victims. For instance, Peter Jones became the face of a scam when a customer lost £285,209 after responding to a fake newspaper interview featuring the entrepreneur. Similarly, Sir David Attenborough’s image was misused in a Twitter advert claiming he earns £125,000 per month from investments related to gold, natural gas, and oil. These cases demonstrate how scammers exploit celebrity endorsements to manipulate unsuspecting individuals.

Urgent need for collaboration and awareness

Investment scams amounted to £114.1 million in losses in 2022, according to UK Finance, indicating a decrease of 34% compared to the previous year. NatWest continues to invest in raising awareness and prevention to protect consumers. Stuart Skinner, NatWest Scam Expert, emphasized the necessity for a joint effort among industry stakeholders and social media companies to eliminate fraudulent celebrity investment adverts seen online. Customers are encouraged to exercise caution and think critically before making investment decisions, with NatWest providing warnings through its online platforms and mobile banking app.