Title: Woman Falls Victim to £40,000 Crypto Scam Linked to Martin Lewis in Alarming Rise of Online Fraud
A woman, who goes by the pseudonym Lisa to preserve her anonymity, recently revealed her harrowing ordeal of losing £40,000 in an online scam that she believed was endorsed by Martin Lewis, the well-known founder of MoneySavingExpert.com. Lisa, who came across an advertisement on Facebook featuring Lewis, initially invested £200 in the cryptocurrency scam. Little did she know that her decision would lead her down a treacherous path of financial ruin.
Lisa stated that the scammers bombarded her with daily phone calls over the next two months, expertly manipulating her by claiming to be business partners with Martin Lewis. Falling prey to their deceit, Lisa trusted the scammers, convinced that she was partaking in a genuine investment opportunity endorsed by Lewis himself.
However, during these months of manipulation, the scammers opened an Experian account in Lisa’s name and obtained 11 loans, racking up a staggering £55,000 in her account. They then demanded that she transfer the money to them. Lisa, confused and alarmed, questioned the origins of the funds, prompting the scammer to turn abusive and threaten her with the loss of her earnings.
Seeking help and support, Lisa turned to Citizens Advice, the Trading Standards Agency, and the police. Together, they assisted her in reaching an agreement with the loan companies to repay the debts. Nevertheless, Lisa finds herself burdened with over £1,000 in monthly repayments for the next five years.
Still grappling with the aftermath of the scam, Lisa admits to feeling overwhelmingly foolish and ashamed. She lives in constant fear, as the scammers possess her personal information, including her address and contact details. Lisa has taken measures to protect herself, such as changing all her passwords and bank details, uncertain of the extent the scammers can go to in their pursuit of deceit.
Heart of the South West Trading Standards office’s scams lead officer, Janet Quinn, has revealed that online cryptocurrency fraud is on the rise, including scams related to bitcoin and other investments. She attributes this surge to people’s desperate attempts to earn quick money amidst the ongoing cost of living crisis.
Martin Lewis, being aware of scammers utilizing his image to target victims, has issued repeated statements alongside the Money Saving Expert team, promoting awareness of these fraudulent activities. He firmly reiterates that he has never and will never endorse advertisements or investments. The Money Saving Expert spokesperson emphasizes that any suggestion contrary to this is false and part of a scam.
Nevertheless, scammers continue to find innovative ways to deceive unsuspecting individuals. Recently, a scam video surfaced featuring a remarkably realistic imitation of Martin Lewis, promoting an investment app on breakfast TV. However, this video is a product of advanced AI technology, mimicking Lewis’s face and voice. Distressed by this sophisticated scam, Lewis resorted to social media to warn his followers and reached out to social media platform owners, including Meta and X (formerly Twitter), urging them to take action against the video.
In the face of rampant online fraud, it is crucial for individuals to remain vigilant and practice caution when engaging in financial transactions or investments. Moreover, reporting suspicious or misleading advertisements is essential in combating these scams. By raising awareness and staying informed, we can contribute to thwarting the efforts of fraudsters and safeguarding our hard-earned money.
