A Scottish mother is on the brink of selling her family home after an online scam involving cryptocurrency and an impression of British consumer advice expert, Martin Lewis, cost her £150,000 ($190,000).

In late 2022, the Lanarkshire resident, identified as Jennifer, came across the investment opportunity and decided to use her savings to make the purchase. With the assurance of seeing her investment grow and the promise of a return, Jennifer was then prompted to use the fintech services of Revolut to take out further loans totaling £20,000 ($25,000); the scam this was done over a 10-day period until her bank blocked any further transfers.

Although Jennifer has tried to find ways to recoup her losses, she has been unsuccessful as her case is classified as a scam, not fraud; thus, she cannot have her money returned. Speaking to STV, Jennifer expressed her fear of losing her residence and the imposed burden of focusing on her children: “It’s taken me a long time to get to where I am and the thought of losing this home, obviously for the sake of my children, is horrific.”

It appears this situation of financial loss isn't unique to Jennifer – in similar cases, a wealthy estate owner allegedly lost £130,000 (almost $160,000) after depositing his funds into a fraudulent crypto exchange, expecting a return of £400,000 (nearly $500,000). Additionally, the U.K. Advertising Standards Authority said in 2021 that it’s going to take measures to identify misleading crypto advertisements, yet according to Action Fraud, losses that involve cryptocurrency this year rose to a record £226 million, which is a sizeable 32% increase.

In response to this news, Martin Lewis commended Jennifer and warned consumers to ignore any schemes or apparent opportunities that claim to be endorsed by him; “If you see me in an advert, it’s a scam. I do not do adverts and I have the inglorious title of being the person whose face is used in more scam adverts than anyone else.”

A combination of scams and the rise of digital currency have led to dire consequences for innocent victims such as Jennifer. It is recommended that anyone interested in investing in digital currency approaches the subject cautiously, ensuring they are well-informed and cautious of being enticed by get-rich-quick schemes that may be too good to be true. To minimize the risk, investors should both analyze investments thoroughly and research the companies and brokers involved before depositing funds. Furthermore, any advertisement or message of an investment opportunity – even one apparently endorsed by Martin Lewis – should be verified with an impartial and knowledgeable source before money is sent.



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