Millions of people have been helped by Martin Lewis and the website he founded, MoneySavingExpert.com, over the years, however, the financial regulator has now issued a warning about scam emails being sent from cloned addresses pretending to be the consumer champion and his team.
The Financial Conduct Authority (FCA), issued the warning advising people to avoid dealing with what it calls the 'clone firm'.
This is when fraudsters use the details of companies and organisations authorised by the FCA to try to convince people that they work for a genuine, authorised firm - but they are completely fake.
It's understood the clone firm sent emails claiming to be from Martin and MoneySavingExpert.com offering savings accounts with lucrative rates.
The FCA said the fake emails are being sent from:
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moneysavingexpert@consultant.com
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Martinlewis@publicist.com
These email addresses have nothing to do with the financial journalist or MoneySavingExpert.com.
Addressing the issue on the website, MoneySavingExpert worte: “MSE will never, ever, EVER cold-call. We're a consumer help website, here to fight your corner.
“We won't send out emails except our weekly newsletter or those you'd get if you're signed up to one of our services. Nor will we ever send anyone to call you or knock on your door. Beware of all of them.”
It went on to add that if you’re unsure if an email is legitimately from them, go directly to the MoneySavingExpert.com website as they will always put the content there too.
How to report a clone firm
If you think you have been approached by an unauthorised or clone firm, or contacted about a scam, you should contact the FCA here.
How to protect yourself from fraudsters using clone firms
The FCA strongly advises you only deal with financial firms that are authorised by them, and check the Financial Services Register to ensure they are. It has information on firms and individuals that are, or have been, regulated by the financial authority.
If a firm does not appear on the Register but claims it does, contact the FCA Consumer Helpline on 0800 111 6768.
There are more steps you should take to avoid scams and unauthorised firms.
If you use an unauthorised firm, you won’t have access to the Financial Ombudsman Service or Financial Services Compensation Scheme (FSCS) so you’re unlikely to get your money back if things go wrong.
If you use an authorised firm, access to the Financial Ombudsman Service and FSCS protection will depend on the investment you are making and the service the firm is providing.
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