Yet Another Crypto Scam Uses Fake Martin Lewis Endorsement

With a pitch that seemed to have the endorsement of Martin Lewis, a renowned personal finance expert, scammers managed to pilfer £40,000 ($50,900) from a woman in Somerset, England.

Lisa, as the Express newspaper refers to her in its story, told the BBC that she had been groomed by online scammers who took out loans in her name. The saga started with a modest £200 investment in Bitcoin in a scheme she believed had the backing of Martin Lewis. Lewis is a highly regarded personal finance expert who regularly appears on television and in the press.

Martin Lewis Is One of the Most Trusted UK Public Figures

However, the scammers would then call her every day, referring to her and their business partner. These calls continued for two months.

At one point, £55,000 appeared in Lisa’s account, all of it borrowed without her permission over 11 separate loans. The scammers had allegedly lied about her income to access the financing through the Experian website. Lisa is now repaying more than £1,000 a month for the next five years.

Martin Lewis, a renowned personal finance guru in the United Kingdom, operates the country’s most popular consumer website, Money Saving Expert. Polls consistently rank him as one of the most trusted individuals in Britain, often the most.

In a September 2022 poll, the British public selected Lewis as their preferred choice for Prime Minister. An awful lot of people just can’t say no to Martin Lewis.

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Over the years, Lewis has been actively stamping out cryptocurrency scams on social media that claim to have his endorsement. Criminals often use Lewis’s finance bona fides to trick victims into buying into their schemes.

Cryptocurrencies Are Often Harder to Track Than Fiat

In response to the story, a spokesperson for Money Saving Expert told the BBC:

“Martin never does adverts and never promotes investments. Anything you see suggesting otherwise is fraudulent and a scam. If you see the post online, don’t engage with it, as it may be trying to trick you into handing over information. Instead, report it so it can be taken down.”

However, while there is nothing inherently wrong with investing in Bitcoin (BTC) or other cryptocurrencies, many criminals choose to use them as they are often harder to track than digital payments using fiat currency, like pounds or dollars.

Those investing in cryptocurrencies should always do their own research.