Last Updated on August 30, 2021 by Stephan Lindburg
Martin Lewis Bitcoin
Martin Lewis is a trusted source of financial advice in the UK and abroad. That’s likely the reason that his name has been appearing in fraudulent advertisements for Bitcoin scams for years. These fake news articles allege that Lewis is spreading the news about a new and fantastic opportunity, but this is simply the bait for the scammers’ trap.
Lewis has done everything he can to combat these false endorsements, going so far as to bring legal action against Facebook. The ads persist to this day. The only reliable protection against these Bitcoin scams is for consumers to be wary of sketchy opportunities they find online.
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Lewis has a longstanding career in financial journalism, having contributed to radio, TV, and print. Today, he is most likely best known for his comprehensive financial advice website, Money Saving Expert. Lewis created the website in 2003 and still serves as a chief editor today. He sold the website in 2012, bringing in over £100 million between that deal and residual shares.
Among his most prominent appearances include his ongoing role on ITV’s This Morning, along with The Martin Lewis Money Show, presented on the same network. ITV hosts seem to be a favorite of Bitcoin scammers, often incorporating content from their programs into the fake articles. Lewis has financial advice columns in The Sunday Post, The Yorkshire Post, Manchester Evening News, among other publications.
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Lewis is well aware of how scammers have been using his name for fake endorsements. In 2018, he brought legal action against Facebook for defamation, claiming that the use of his name for these scams had led to irreparable damage to his reputation. Lewis alleged that Facebook should take greater steps to prevent these types of deceptive advertisements from getting pushed through on their platform.
While Facebook had initially responded that their measures for preventing fraudulent advertisements were sufficient at the time, Lewis rejected that explanation, stating that the company’s actions are consistently ineffective and that legal action was the only avenue that remained open for addressing the issue.
In 2019, Lewis dropped his case against Facebook. He made this decision following the introduction of a dedicated option for reporting scam advertisements was introduced to Facebook. As part of a deal with Lewis, Facebook agreed to donate £3 million to Citizens Advice, a UK charity that delivers free legal, financial, and employment advice online. Lewis stated that this agreement far exceeded his expectations if the case were to go to trial.
Despite the apparent success of these efforts to hold Facebook accountable, fake endorsements bearing his name continue to circulate on Facebook, Instagram, and other social media websites. Many have criticized how Facebook handles fraudulent ads, saying that the reliance on user reports leaves far too much opportunity for scam advertisements to succeed.
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The fake news story claims that Lewis showcased the Bitcoin scheme on ITV. They used real images from unrelated interviews and segments to make it seem more legitimate. The entire point of using public figures for these scams is to establish credibility, and the scammers have done everything they can to do so here.
They use many different celebrities for their fake endorsements, with other targets including ITV’s Holly Willoughby and Phillip Schofield. Every fake interview also claims to have a segment that shows in real-time just how fast investors’ wealth can grow. These are all common tricks used by scams like the ones we have previously exposed right here on ScamCryptoRobots.com
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So what are these Bitcoin scammers actually claiming to offer to draw in victims? They promise that they have a revolutionary new system that lets you make money on autopilot. The article includes numerous testimonials from “real users” claiming they’ve made thousands, but it’s all purely fictional.
This supposed system claims to rely on advanced algorithms for automated trading. In theory, a mathematically calculated trading strategy can do a lot better than most investors, and it all sounds good on paper. The problem is that these scammers don’t have advanced algorithms, they haven’t found the secret to automated trading, and they’re just out to get your money.