Martin Lewis issues warning over celebrity scams that saw one fan lose £500,000

Martin Lewis has issued a warning to fans of certain famous faces after research found that profiles of several big stars are commonly misused in scam adverts.

The team at his website MoneySavingExpert (MSE) analysed how often public figures were mentioned in scams reported to Action Fraud over the past two years. The findings showed that high-profile names from the worlds of entertainment, business, politics and even royalty are misused by fraudsters in an attempt to convince unsuspecting victims that their scam is genuine.

Among the celebrities to have had their profiles misused in such scams were Martin himself, Taylor Swift, Elon Musk, Adele, King Charles and Rishi Sunak - and Martin warned that there are likely many more cases that go unreported. If someone believes they have been scammed, they should contact their bank and the police, MSE urged.

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Action Fraud data indicates that victims have reported losing more than £20 million to scams misusing Martin Lewis' profile alone within the past two years. The biggest individual reported loss attributed to a scam featuring Martin was £500,000, according to MSE.

Mentions of cryptocurrency, investing, retirement planning and promises to get rich quick are particular warning signs to look out for in scam ads, the experts warned. Other red flags to spot include claims about scandals involving a celebrity, as website links connected to supposed scandals may take people to an investment scam.

Ticket scams are also rife, with scammers particularly attempting to cash in on the popularity of Taylor Swift's Eras tour - fans have lost out on an estimated £1 million since UK tickets for her tour went on sale last July, according to data published by Lloyds Bank earlier this year. People should look to buy from official ticket selling or reselling platforms and be cautious on social media, MSE advised.

Martin said: "It's likely that the criminals pumping out these scam ads effectively use their own in-house dark-web digital marketing teams, researching which celebrities and advert types get the best click through rates, and honing the way they work to be able to attract more victims.

"Almost certainly they will be collecting data on each public figure's power to draw people in and how many people who respond to a celeb in an advert then go through to part with the money."

He added: "And if it's an ad with me in, it's always a scam, as I don't do adverts. Topping this list is about the worst compliment I've ever had."

The money expert continued: "The new Government has promised to ensure that tech companies have a clear obligation, and a clear financial incentive, to work with banks to prevent scams, identify fraudulent transactions and support victims. We'll be watching closely to see if it delivers."