Martin Lewis says it makes him "feel slightly sick" when he hears how people have lost money to fraudsters.
The Money Saving Expert founder appeared on This Morning on Tuesday, when viewers got a chance to ask Martin questions. During the phone-in, a man named John said he had lost more than £12,000 to a fake crypto-currency advert.
Martin then explained how scammers now are "sophisticated" and "physiologically devious", making it easier to catch people out. "Every time I hear a story like that, it makes me feel slightly sick if I'm honest with you," Martin admitted before trying to offer some help to the gentleman on the phone, who said he was already in touch with his bank who are investigating the issue.
Read More: Warning over 'Argos' air fryer scam which steals card details and empties bank accounts
"It is very difficult, there are push payment regulations now and scam regulations that means maybe the bank will be able to recoup the money from the scammers bank. I would certainly in the first instance speak to Citizens Advice Consumer Helpline.
"When I sued Facebook about this, I settled for a £3m donation to set up Citizens Advice scam action and you can get 1-1 scam help from the consumer helpline. Clearly, the information given me isn't enough for me to help you and to be honest, there's not much I can do."
Including the show's hosts in his warning, reports Manchester Evening News, Martin continued: "It is very difficult to fix after it's happened. So all those, especially This Morning fans, because Phil and Holly they use you as well, you're often in the picture with me or by yourself. We don't talk about this, this isn't about Bitcoin, none of this has anything to do with crypto-currency, this is just what people do."
He continued: "They think that we can use what people trust- our faces- and what do people think will get them rich quickly- bitcoin- because people have heard of bitcoin. They put the two together as a dog whistle to get people to think that these are proper get rich schemes, then they steal your money.
"They are criminals, they are thieves, there is no investment and it may sound plausible and they will always start off with 'give us £250'." Martin then added: "They are sophisticated, clever and physiologically devious. You have to protect yourself, we have to keep getting the word out."
To get the latest money news direct to your inbox, click here
Read Next:
Martin Lewis 'really important' tip helps woman clear her debts
Parents could get child benefit stopped if children skip school, says Michael Gove
Home heating 'tricks' that don't actually work and the ones that do, according to expert
Child Benefit rules if your family splits up or if your child lives with someone else
Martin Lewis' energy bills warning to households as Ofgem price cap drops by £1,000
