A new AI-generated scam advert for an investment app will lead to vulnerable people losing money and ruining lives, Money Saving Expert founder Martin Lewis has warned.

The advert, which reportedly circulated on Facebook, appears to show Mr Lewis endorsing an Elon Musk-backed investment scheme while appearing on an episode of daytime show This Morning, from his home.

In the online video, Mr Lewis appears to say that Musk’s new project “opens up new opportunities for British citizens”.

In reaction, Mr Lewis said the use of deepfake technology to replicate his face and voice is being used to “pervert and destroy” his reputation in order to scam people online.

“This is frightening, it’s the first deepfake video scam I’ve seen with me in it,” he wrote on Twitter.

“Govt & regulators must step up to stop big tech publishing such dangerous fakes. People’ll lose money and it’ll ruin lives.”

He said it was the first time he has been used in this sort of video scam.

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Speaking to the BBC, Mr Lewis added: “These people are trying to pervert and destroy my reputation in order to steal money off vulnerable people, and frankly it is disgraceful, and people are going to lose money and people’s mental health are going to be affected.”

He emphasised that more needs to be done to regulate scam adverts and protect victims of financial crimes.

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“Vulnerable people and many non-vulnerable people are being scammed in this country and nothing is being done about it”, he said.

He said there are currently no “proper” fines for big tech firms who get paid to publish criminal adverts.

The company which owns Facebook, Instagram and WhatsApp – Meta – is working with Stop Scams UK to help victims and remove scams at the source, as soon as it becomes aware of them.

It said it is investigating after claims the video involving Mr Lewis appeared for users on Facebook.

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