Consumer champion Martin Lewis has published a passionate warning about scam advertisements using his identity to endorse investment and insurance schemes.
Lewis, founder of Money Saving Expert, has posted a video denouncing a cloud-based trading scheme that claims he invested £500,000 in it.
He says in the video: “It is a con, it is a scam. It is about binary trading. It is a brilliant way to lose money. Do not touch it, do not sniff it, do not smell it, do not go near it, it has nothing to do with me.”
The FCA said this month that UK consumers are increasingly being targeted by binary options investment scams.
The regulator warns that binary options traders often advertise on social media. The firms claim to have a UK presence but tend to be based outside the UK. The FCA says scam firms might manipulate software to distort prices and payouts and then close consumers’ trading accounts, refusing to pay back their money.
Lewis says there are also sites that use his picture alongside boiler cover incentives, heating incentives or payment protection insurance companies.
He says in the video: “I never do Facebook adverts. If you see them they are not true. If I ever did allow my name to be given for something it would usually be a charity and I would always insist that there was a link back to an article on Money Saving Expert that explained it. If you do not see that, don’t trust it, it isn’t true.”
He adds: “Anyone who knocks on your door saying they represent me or this site is a liar. Anyone who calls you up trying to sell you something saying they represent me or this site is a liar. Any adverts on Facebook with my picture on saying I recommend it is almost certainly a liar.”