Is martin lewis scamming people, or is there someone else behind the scam?
An FTC report revealed that crypto scams on social media led to the loss of over $700 million to rackets operating on these sites.,
Criminals continue to use Money Saving Expert founder Martin Lewis’s image to defraud investors via Facebook Ads. However, the Independent reported that Lewis settled a lawsuit with Facebook’s parents. Meta is over the illegal use of his photos in such scams years ago.
Criminals Use Martin Lewis Based Facebook Ads To Lure Victims
According to the report, criminals are using Martin Lewis Facebook ads to lure their victims to a website. Further, these websites contain articles with spurious claims. The claims are about how investors can generate over £3,400. It is with the investments as low as £190 by falsely linking them with industry experts like Lewis.
One of the headlines of the articles on the website reads:
According to the Independent, a Facebook spokesperson said the social media giant removed the fraudulent ads before the news outlet brought the matter to its attention. However, it is unclear how long the fraudulent adverts ran before Facebook removed them.
CryptoSlate had previously reported that authorities in Australia had filed legal charges against Meta for its failure to curb the spread of fake crypto ads posts on Facebook. Also, the richest man in the country. Further, Andrew Forrest had filed a lawsuit against the giant tech company for its failure to stop scammers from using his image to defraud people like Martin Lewis.
Crypto scams Thriving on Social Media.
Crypto scams on social media platforms are not a new phenomenon. A Federal Trade Commission report specifically mentioned that Meta-owned social media platforms Facebook and Instagram. These are the major sites used by these malicious players to defraud their victims.
According to the FTC report, investors lost over $700 million to rackets operating on social media in 2021.
Scams on social media platforms usually involve using images or videos of prominent personalities. we can take the example of the space like Elon Musk, Michael Saylor, etc., to promote a fake giveaway or a fraudulent investment scheme.
Martin Lewis’s example is a classic example of what should not be done with the
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