Martin Lewis has urged people to look out for fake scam adverts warning that fraudsters are trying to “steal your money”.

He posted on X: “With the Bitcoin price up, scammers are again using social media ads using my (or others) fake endorsement to pretend you’re buying it. In reality they are just trying to steal your money.”

He shared a compilation video to reiterate his message that he does not do adverts for financial products or investment schemes.

A man reached out to Mr Lewis in January to warn he had seen a fake advert for an investment scheme purportedly back by Elon Musk.

Mr Lewis urged people to be cautious as scammers are active, saying: “I am so desperately sorry to hear that. These are hideous criminals.

“And they’re at it again right now. It breaks my heart to hear of people losing money because these b******* have perverted my life’s work to steal from people.”

Mr Lewis has many times warned his fans that he would never endorse an investment scheme or feature in an advert for financial services.

Scammers previously used AI to create a video mimicking Mr Lewis’ appearance and even his voice to endorse a fake Elon Musk investment scheme.

HSBC has also warned scammers will be targeting people this month with the turn of the tax year looming.

The bank warned that March is the month when the most impersonation scams take place.

David Callington, HSBC UK’s head of fraud, warned: “Crooks use every trick in the book to hoodwink their victims into sending money to them while pretending to be someone they know and trust, whether that is their bank, the Police, their energy, broadband or mobile phone provider, or HMRC.

“They are particularly active and pretending to represent HMRC in March, with people tending to be more susceptible because they may expect contact as it is the end of the tax year.”

In March 2023, HSBC UK customers collectively lost almost £1.1million to scams, with an average scam amounting to £5,791 per case.

This made up approximately one-ninth of the value of all impersonation scams reported to the bank throughout 2023.

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