Consumer advocate Martin Lewis recently issued a warning to viewers of ITV’s This Morning regarding the potential risks of Bitcoin scams after a fan disclosed losing nearly £13,000 to a fraudulent ad featuring Martin’s name. In the “Ask Martin Lewis” segment, the Money Saving Expert founder highlighted the increasing sophistication and underhanded methods used by fraudsters, which makes it easier for them to deceive people.
Recognising Bitcoin Scams: Spotting the Warning Signs
Lewis explained that any ads showing his image are false since he does not endorse products or services, nor has he ever discussed cryptocurrencies on This Morning, his own show, or elsewhere. The fake cryptocurrency ad displayed Lewis’s face, leading the victim to believe it was trustworthy.
The victim sought Lewis’s advice, who acknowledged the challenges in recovering stolen funds. Nevertheless, he recommended contacting the Citizens Advice Consumer Helpline for personalised support regarding this specific Bitcoin scam.
During his appearance on ITV This Morning, Lewis expressed concerns about online scams and advised viewers to be cautious. He emphasised that any online ad featuring his likeness is a scam designed to steal money. He intentionally avoids discussing scams to prevent his words from being used deceptively.
Lewis identified Bitcoin Code and Bitcoin Trader, among others, as fraudulent websites that often exploit the names of well-known individuals to create an illusion of legitimacy. He stressed that these sites are not genuine and has been warning people about them for years. The prevalence of such scams leaves Lewis devastated, and learning about the victims’ losses is disheartening.
The Persistence of Bitcoin Scams Despite Warnings
Lewis explained that fraudsters have become increasingly skilled, making it easier to deceive individuals. These criminals employ cunning and manipulative tactics to convince people they are offering legitimate get-rich-quick schemes, only to steal their money.
Lewis emphasised that fraudsters are criminals whose schemes do not involve genuine investment opportunities. He warned that their pitches might sound persuasive and often begin with a small investment request, such as £250. Once fraudsters secure this initial amount, they claim it has performed well, leading unsuspecting victims toward greater losses.
Recovering Stolen Funds
Lewis informed viewers that it is nearly impossible to recover stolen money. However, due to new push payment regulations, banks may be able to recoup funds from the fraudster’s personal accounts. He recommended contacting the Citizens Advice Consumer Helpline as a first step.
In 2018, Lewis sued Facebook over this issue, resulting in a £3 million donation to establish Citizens Advice Scam Action. This initiative offers one-on-one support to scam victims through a consumer helpline.
Unfortunately, Lewis could not provide assistance in this specific case, as the information provided was insufficient. He reiterated that the issue was not related to Bitcoin or other cryptocurrencies but a tactic used by fraudsters to steal money. He encouraged viewers, especially fans of This Morning, to exercise caution and avoid falling prey to such scams.
Defending Against Bitcoin Scams: Insights from Cybersecurity Experts
Martin Lewis’s warning about Bitcoin scams highlights the importance of vigilance when navigating the digital world. The growing ingenuity of fraudsters means everyone must exercise caution and scepticism, particularly when considering investments or money-making opportunities. By sharing information, educating ourselves and those around us, and exercising caution online, we can protect ourselves and avoid falling victim to these schemes. Always conduct thorough research, be wary of suspicious links, and never share personal or financial information with unverified parties. Staying informed and cautious ensures our online safety.
