Martin Lewis has issued a stern warning to people who use social media channels such as Instagram, Facebook and Tik Tok. He issued a clarion call on a recent episode of his BBC podcast to urge his fans to be careful when accessing information online.

The warning came after a listener contacted the show with a question about a Facebook advert they had seen. The advert was for an investment scheme, allegedly backed by Mr Lewis, where you pay in £200 and are guaranteed to get £25,000 return. They wanted to know of the scheme was real. The listener was assured that the advert was fake as Mr Lewis never backs any such investment scheme or does adverts for financial products.

In response, Mr Lewis said he is “plagued” by these bogus adverts, which often feature on Meta products, such as Facebook and Instagram, but there has been a spree of these scams on X in recent times. The financial expert said emphatically: “I don’t do adverts. While I do now do some talking about investment, nothing of this case, with specific products.”

He warned people can lose hundreds of thousands of pounds by being taken by these investment scams, as they are encouraged to hand over several payments with the promise of large returns. He warned: “Social media is so rife with scams, that I simply would not trust any advert, especially one with a well-known face in it. Anything with me in is definitely a scam, but with anyone else in, I wouldn’t trust it.”

The expert also urged listeners to do their homework to find out if an advert you see on social media is real. Mr Lewis said: “I would go and do independent research. You need to be very careful when you click through these things. Go and do independent, legitimate research on a recognised platform.”

Tax accountant Grace Hardy, from Hardy Accounting, has doubled down on Mr Lewis’ message and urged people to be wary of these scams. She said: “Social media investment scams have become one of the most destructive forms of financial fraud in the UK. Action Fraud data shows that investment fraud costs UK victims hundreds of millions of pounds every year, with individual losses frequently running into the tens of thousands.”

She warned people who fell victim to fake celebrity-endorsed scams, such as using Martin Lewis’ likeness, have reported losing £76,000 in a single incident. Ms Hardy shared how to check that an investment opportunity is real.

The first thing is to check the Financial Conduct Authority register, as any real investment company must be registered with them. Ms Hardy said: “If it isn’t there, don’t proceed.”

Another good principle is to ask if the scheme is too good to be true. There are never guaranteed high returns with little or no risk in genuine investment opportunities.

Also be wary if there is an urgent time limit to sign up for the scheme, as scammers often try and pile pressure you into taking action. It’s also a good idea to talk to a trusted family member or financial adviser about an opportunity you have seen, to be sure it’s legitimate.

Mr Hardy said that sadly these online scams are indeed rife: “I have even had scammers creating fake profiles of me and scamming people for money even though my platform is much smaller. The psychological damage extends well beyond financial loss.

“Victims consistently report feelings of shame, embarrassment, and a lasting erosion of trust not just in online platforms, but in their own judgement. The stigma around being scammed can prevent people from reporting it or seeking support, meaning the true scale of the problem is likely much larger than official figures suggest.”

A recent report commissioned by Ms Hardy and the Association of Accounting Technicians found that less than half of young people aged 16 to 24 had any financial education at school. Almost half of those surveyed had no savings while only around half understand how interest is applied to credit card balances.

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