Martin Lewis has issued an urgent warning about a "perverse" scam that has cost victims an average of £12,000 so far this year.
The scam involves criminals pretending to be celebrities such as the Duke and Duchess of Sussex, Holly Willoughby, and even Lewis himself.
As reported by The Telegraph, the scammers use fake endorsements from celebrities such as these in an attempt to lure victims into forking over cash.
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These investment scams are expected to double this year, after already rising more than 60% since last November according to Santander.
With Lewis being a trusted name in the fields of finance and money-saving, many victims have been tricked into giving their money away to the criminals.
One Santander was convinced to give away thousands, and even lie to his bank, due to a phony endorsement by the Money Saving Expert founder
In the first three months of 2022, people lost on average £12,000 through these scams.
Martin Lewis said: "Scammers are sophisticated, clever and psychologically adept. The idea that you’re a fool if you fall for them is outdated. I’ve heard of solicitors, accountants and university lecturers all falling for scams.
"Scamming my face and brand is a deliberate perversion of my life’s work helping consumers become financially savvy and protecting themselves."
According to Tony Neate from campaign group Get Safe Online, people across Scotland and the UK are being convinced to try fraudulent schemes out of desperation as a result of the cost of living crisis.
He said: "We’re seeing a worrying rise in ‘celebrity-endorsed’ cryptocurrency scams, where familiar faces are being misused on social media in order to con people out of often life-changing sums of money.
"Always do your homework and thoroughly research any investment opportunity before moving any funds - irrespective of who is supposedly endorsing it."
