Martin Lewis Says Victims Lost £20m to Deepfake Scam Ads as Ofcom Delays Rules to 2027
Updated
Updated · The Guardian · Jun 30
Martin Lewis Says Victims Lost £20m to Deepfake Scam Ads as Ofcom Delays Rules to 2027
1 articles · Updated · The Guardian · Jun 30
Summary
An elderly disabled woman lost her life savings to a fake investment supposedly endorsed by Martin Lewis, prompting him to say he is "losing" the fight against identity scams.
More than £20m has been reported lost in scams featuring Lewis, according to MoneySavingExpert's analysis of 2024 Action Fraud research, with his image among the most-used in deepfake advertising.
Lewis says the 2023 Online Safety Act has delivered "absolutely bugger all" so far, blaming ministers for repeated delays after campaigning for nearly a decade to force tech platforms to police scam ads.
Ofcom plans a 12-week consultation in July, but final policy statements on fraudulent paid ads are not due until mid-2027; Lewis wants pre-vetting of advertisers, heavy fines and compensation liability for platforms.
Reuters reported Meta projected about 10% of 2024 revenue—$16bn—from illicit advertising, a figure Lewis cites as evidence that big tech is still profiting from fraud-related harm.
As tech giants allegedly profit from scam ads, will victims ever be compensated for their devastating losses?
With UK anti-fraud laws delayed until 2027, can new US-led international strike forces stop the scams now?
Could 'friction advertising' stop sophisticated crime rings, or will it just penalize legitimate small businesses?
The £20 Million Deepfake Scam Crisis: UK Victims, Delayed Regulation, and the Fight for Online Safety
Overview
The report highlights how advanced artificial intelligence is fueling a surge in deepfake scams, creating highly convincing fraudulent content that targets individuals across the UK. Notably, scammers have manipulated the image and voice of financial expert Martin Lewis to promote fake investment schemes, leading to devastating financial losses—such as one victim losing £50,000 and others losing even more. A significant portion of these scams originate on major social media platforms like Facebook and WhatsApp, making it easier for fraudsters to reach victims. This crisis is escalating, leaving many people vulnerable to substantial financial harm.