Deepfake Videos of Martin Lewis Used in Investment Scams
Fraudsters used deepfake video technology to create fake clips of financial expert Martin Lewis promoting investment schemes and cryptocurrency trading on social media. An elderly couple lost approximately £90,000 after the husband was deceived by one of the fabricated videos in 2022.
What happened
Fraudsters used deepfake video technology to create fake footage of Martin Lewis, founder of MoneySavingExpert, appearing to promote investment schemes. The fabricated videos falsely showed Lewis recommending crypto trading and investment products, presented as though they were from the ITV television programme This Morning.
A pensioner named Tim Casey was duped in 2022 after seeing one of the fake videos. He contacted a company called Terra-Markets and was persuaded to invest money through repeated phone calls from scammers who applied what his wife described as psychological manipulation tactics.
Reported impact
Tim Casey and his wife lost approximately £90,000 in the scam. The scammers claimed additional payments were needed for taxes and commissions, eventually borrowing money from other sources to pay the supposed £30,000 tax bill.
The victim's wife, Gill Casey, reported that the fraud "knocked him for six, it stole his dignity, it stole his self-confidence, his self-esteem, he went a lot quieter." Tim Casey later died of cancer, and his wife attributed significant emotional and psychological damage to the scam.
Index analysis
Lewis warned that there are "basically zero regulations" in place to prevent fraudulent content on social media. He advised the public not to believe celebrity advertisements on social media and stated clearly that he does not endorse adverts, investment schemes, or cryptocurrency products.
Classification
Sources and evidence
This record was researched and written by the Index, based on the following original reporting.