Action Fraud named Dragon’s Den investor Deborah Meaden and Martin Lewis, the founder of MoneySavingExpert.com in its latest warning.
It comes as regulators around the world have stepped up their warnings to the public over investments into cryptocurrencies and the risks associated with initial coin offerings (ICOs).
Advisers have face difficulties in the past managing client expectations of Bitcoin and their fear of missing out on an investment opportunity.
Fake recommendations
The adverts are often placed on social media and other websites and use images of famous individuals to promote fraudulent cryptocurrency investments.
Clicking on the advert takes you to the full article where their images are presented along with fake quotes recommending you make investments with the fraudulent company in cryptocurrencies.
Alternatively, clicking on the advert will take you to a page where you are required to input your contact details. The suspect company will then phone you and persuade you to invest.
Opportunistic fraudsters
Director of Action Fraud, Pauline Smith, said: “Opportunistic fraudsters are taking advantage of this market, offering investments in cryptocurrencies and doing everything they can to defraud unsuspecting victims.
“Anyone who invests in cryptocurrencies should thoroughly research the company they are choosing to invest with.
“If you think you have been the victim of this type of fraud, contact Action Fraud.”
Meaden said: “With the growing sophistication of online fraud, it becomes increasingly important to carry out checks before parting with cash online. A quick Google search will often reveal the truth and all online advertising should be read set against the premise of “If it looks too good to be true then it probably is!”
Lewis, who previously released a YouTube rant against fraudsters using his image, said: “I find it sickening that these people are leeching off the trust I’ve spent years building in order to target vulnerable people and attempt to steal their money.
“Let me be very plain. I never do adverts. If you see my picture in an advert on Facebook or anywhere else recommending products – be it Bitcoin, binary trading, PPI firms or anything else – they are nothing to do with me. Be very, very careful.”
