Money Saving Expert founder Martin Lewis has issued an urgent warning over a scam which is pushing people to the brink of suicide.

The devastated financial expert has spoken of his “pain” as victims of scams using his name reached out to the cash-saving guru after losing out to one of a number of scams using his face.

Speaking on the Mid Point Podcast, Mr Lewis said: “Someone messaged me yesterday saying, ‘I know someone who’s gonna take their own life because they’ve lost £200,000 because they put money in an investment that had your name on it’.

“Well, it wasn’t me! It’s the scam. “That’s why it’s so painful." He added: “I’m very fortunate and lots of people have much harder lives than I do, but I find the pressures of the responsibility difficult.”

Martin Lewis warns of ‘epidemic of scam adverts’

Mr Lewis, 49, has long campaigned against bogus ads using his face to lure users and wants tech giants to be held responsible under new laws.

User-generated content on a wide range of areas such as terrorism and child sexual exploitation are set to be covered by the Online Safety Bill, but scam adverts are not.

Mr Lewis told MPs he had to sue for defamation to force Facebook into action, a move that eventually led Facebook to donate £3 million to Citizens Advice and create a new specialist scam advert reporting tool for the UK.

The Department for Digital, Culture, Media and Sport has recently announced scam ads will be included in the Government's Online Safety Bill.

Mr Lewis said: "I am thankful the Government has listened to me and the huge numbers of other campaigners – across banks, insurers, consumer groups, charities, police and regulators – who've been desperate to ensure scam adverts are covered by the Online Safety Bill.

"We are amidst an epidemic of scam adverts. Scams don't just destroy people's finances – they hit their self-esteem, mental health and even leave some considering taking their own lives.

"The Government now accepting the principle that scam adverts need to be included, and that firms who are paid to publish adverts need to be responsible for them, is a crucial first step."

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