Instagram bitcoin scam - was and
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'Change your life' Bitcoin adverts endorsed by a UK money-saving expert are showing up on Instagram. The only problem is they are fake.
Bitcoin adverts appearing to be endorsed by a UK money-saving expert have been spotted on Instagram. The use of celebrities to endorse products and services is common practice although the unauthorized use of their likeness is not just an issue for celebrities, but for consumers in general.
Martin Lewis is a well-known face on British TV after having become the de facto money-saving and tips expert on daytime television. Lewis also runs a UK website further looking to provide Brits with information on how they can make the most of their pounds and pennies. Due to this, Lewis as an advocate for anything related to finance is something many UK residents will take note of and maybe also buy into. In the past, this has led to many companies and services using Lewis as a spokesperson to promote their services. The only problem is, Lewis doesn’t endorse them - they are scam ads. The use of Lewis’ profile was so prevalent on social media in 2018 that the money-saving expert took Facebook to court over the matter. The legal case eventually ended with Lewis and Facebook settling out of court, Facebook paying damages, and the two working together to try and swell the rising use of scam ads.
Related: America Needs All-Digital Crypto Dollars (Or Risk Losing To China)
This week, scam Bitcoin ads have started showing up on Instagram and again featuring the same money-saving expert. Shared on Twitter, images of the ads clearly show a “revolutionary” new Bitcoin opportunity that’s set to ‘change the lives of Brits forever.’ According to one, Brits are “quitting their jobs” after the Bitcoin opportunity helped them make almost £5,800 (roughly $7,500) per day. Once again, these ads are being promoted as if Lewis is personally endorsing them, but Lewis is not. After being tagged in a tweet, Lewis confirmed these are scams and that the problem has now made its way to Instagram.
Facebook Crypto Finance Scams Not Uncommon
Personal finance-related scams like this Bitcoin one are far from uncommon. However, they pose an increased threat as they generally are designed to target those already struggling financially. This has specifically been the case with the perceived Lewis-backed ads in the past. What’s more, the problem only seems to be getting worse. For example, as part of the settlement with Lewis in 2019, Facebook agreed to launch new tools to try and combat scam ads. With Instagram being owned by Facebook, and the same ads now making their way there, it does raise the question of whether those tools are used on Facebook's other platforms as well. Even if they are, then how effective are they considering the scam ads are still surfacing, and especially as these ones are in relation to a celebrity that Facebook has already been taken to court over.
Ads in general have become a hot topic lately for Facebook. While the company very recently confirmed it will start removing manipulated videos including deep fakes, the company has been under scrutiny for its stance on not limiting paid-for political ads, even if they are clearly misleading. With Instagram, Facebook has seemed to be taking a more forceful approach and is attempting to crack down on fake news. It just remains to be seen if fake news also includes fake scam ads on Instagram.
More: BitClub Cryptocurrency Ponzi Scheme Busted, 5 People Charged
Source: Martin Lewis
John has been writing for the internet since 2014 with a focus on the line where technology meets the movie and TV industry. John is a Psychology graduate from England who now lives in the U.S. Prior to the move to writing online, John worked in the airline industry as an airline reviewer. After moving to the U.S., John’s reviews shifted from airlines to smartphones, streaming devices and TV-related services. John now enjoys the fact that he gets to combine two of his favorite hobbies - technology and movies. John’s favorite movie genres largely boil down to horror, Sci-Fi, thriller and just about any movie with an ensemble cast. The best place to follow John is on Twitter.
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