Martin Lewis Slams Crypto Scams Using His and Elon Musk’s Identities
British personal finance expert Martin Lewis has hit out at fraudsters using his name and that of tech billionaire Elon Musk to promote bogus cryptocurrency schemes. The scams, which promise huge returns on fake investments, are costing UK victims millions of pounds every week.
Lewis, the founder of MoneySavingExpert, has long been a vocal critic of online financial scams, but the latest wave of fraudulent ads has sparked fresh outrage. “It is utterly sickening,” he said. “These scams are relentless, and they are ruining people’s lives.”
A Growing Problem
The fraudulent schemes typically involve fake social media posts or misleading online adverts featuring Lewis or Musk, falsely claiming they have backed a new cryptocurrency investment. Victims are lured in with promises of massive returns, only to find their money vanish into the hands of scammers.
“These criminals are using AI to make fake videos, they’re cloning voices, and they’re running ads on major platforms,” Lewis explained. “Even the most tech-savvy people can be fooled.”
UK financial regulators say that crypto-related scams now top the list of investment frauds, with victims losing millions each week. The scams often start on Facebook, Instagram, or YouTube, with fraudsters using fake news articles, deepfake videos, or even bogus celebrity endorsements to make their offers look legitimate.
Authorities Sound the Alarm
The Financial Conduct Authority (FCA) and City of London Police have warned the public to be extremely cautious about unsolicited investment opportunities—particularly those appearing on social media.
“Any scheme that claims to guarantee profits, especially using the names of well-known public figures, should be treated with extreme skepticism,” an FCA spokesperson said.
The regulator has urged tech giants to do more to crack down on fraudulent ads, but Lewis says efforts so far have been “woefully inadequate.”
“I’ve been fighting these scams for years, and yet they keep coming back,” he said. “I’ve sued Facebook over this before, and while they made some changes, it’s clearly not enough. These platforms need to take real responsibility.”
How to Protect Yourself
Authorities are advising the public to follow key safety steps when considering investments:
- Verify the source – If an opportunity claims to be endorsed by a celebrity, check their official website or social media.
- Be skeptical of high returns – If it sounds too good to be true, it probably is.
- Check the FCA register – Any legitimate financial company offering investments in the UK must be registered with the Financial Conduct Authority.
- Avoid pressure tactics – Scammers often create a sense of urgency to push people into making quick decisions.
Lewis has called on victims to report scams to Action Fraud and urged the government to tighten regulations around online advertising.
“These scams aren’t just harming individuals—they’re eroding trust in the entire financial system,” he said. “It’s time for tech companies and regulators to step up and put a stop to this.”