31 October 2023 , 09:59
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Martin Lewis has shared a warning for all Brits with a bank account
The Money Saving Expert (MSE) website founder took to X, formerly Twitter, to share that social media companies now needed to "clamp down" on fake adverts on their platform. In his post, Martin said Scam ads were the "scourge on society" and "destroyed people's financial lives, self-esteem and mental health".
He also told his followers that originally, the Government wasn't to include this in its Online Safety Bill. However, the MSE founder said he had fought hard - alongside his MSE team - and that last week, the Online Safety Bill was made law. Although, even with the new law Martin said that there was still more to be done to protect people from online scams.
He wrote: "I hope this will start to reduce the number of scams. It's far from a panacea, we need better-resourced anti-fraud police too, but it's a good step in the right direction." However, even with the new law in place, Brits needed to be wary of adverts on social media - notably the MSE founder highlighting X and Facebook as examples adding: "In my experience, Facebook is even worse".
The MSE founder is aware that as a trusted public figure, his face is often used by scammers to lure people in. Particularly on scam ads on social media. He noted this in his post adding: "I have the dubious compliment of being the most scammed face in the UK."
Martin Lewis issues 8-week warning to phone users ahead of huge price hikes
Martin has - alongside his MSE team - repeatedly reiterated that he has never and will never do adverts, or promote investments. Recently a scam video surfaced which appeared to feature Martin Lewis. The clip appeared to show him promoting an investment app on breakfast TV.
However, the video was not real and was in fact the result of a clever AI scam, which is using the latest technology to mimic Martin's face and voice. Martin warned his followers of the scam and reached out to social media platform owners, such as Meta and X about the video.
According to Ofcom, nine in 10 Brits had encountered suspected scams online - with nearly half of adults engaging with online scams and two in five knew someone else who had fallen victim. A quarter of those who encountered online fraud had lost money as a result, with a fifth being scammed out of £1,000 or more.
Under new laws, search engines and social media platforms will have a legally enforceable duty to remove suspected scammers. They must also take down scam adverts immediately when notified and improve their due diligence process so that it becomes harder for scammers to market investment products using paid adverts.
The Government has described the bill as a “milestone” moment as it protects both adults and children online. The Online Safety Bill received Royal Assent on October 26.
What to do if you think you’ve been scammed
If you think a scammer has got hold of your bank details, contact your bank straight away. You can call the 159 hotline, which will connect you to your bank.
Passwords that have been leaked or compromised should be changed immediately. Make sure you report scams and fraud to Action Fraud by calling 0300 123 2040, or through the Action Fraud website.
If you're in Scotland, report a scam through Advice Direct Scotland on 0808 164 6000 or on the Advice Direct Scotland website. You can also report scams to Police Scotland on 101.
For scam emails, forward them to [email protected], and for scam text messages, forward them to 7726 for free. If you suspect a scammer is calling you, hang up immediately and search for the contact details online of the place you're supposedly being called from. Never call back the number provided by the caller.