Fake endorsements from the Duke and Duchess of Sussex are being used to promote Bitcoin-related investment schemes on social media.
Photos accompanied with fabricated interviews with Prince Harry and Meghan and other high profile celebrities are being used to lure investors into crypto-currency trading.
In the latest of a string of fake ads using Prince Harry and Meghan’s photographs, one uses the headline: “People earning millions from home by using Harry and Meghan latest advice”.
The advert uses their names and promises instant profits in a get-rich-quick scheme on social media.
Another was headlined: “Harry and Meghan shocked everyone in the studio by revealing how they making an extra £128,000 every month.”
Articles claim falsely that in TV interviews the couple backed investment schemes related to Bitcoin and crypto-currency trading.
Stories also use the logos of news brands, including the BBC, the Daily Mail and Forbes, to appear legitimate.
Representatives of the Duke and Duchess of Sussex are aware of the adverts. The investment articles, seen by the FCA, appear to be linked to a website in Eastern Europe.
The online articles carry bogus claims from other wealthy figures, including Bill Gates, Sir Richard Branson and Mark Zuckerberg.
The Financial Conduct Authority (FCA) had warned people to be vigilant and said it is seeing a rising number in scam advertisements through social media.
The number of consumers reporting possible scams to the watchdog has risen by more than 400 per cent in the last five years.
In 2021, there were more than 34,000 reports from consumers with suspicions about possibly fraudulent investment offers, the FCA said, up from 8,000 in 2016.
“People should be very wary when they see investment ads offering high returns, even if they appear to be endorsed by celebrities,” a FCA spokeswoman said.
The FCA is also urging customers to be more aware of the threat of scams and to check if a company is regulated in the UK and on the financial-services register.
“If it isn’t, you are very unlikely to have any protection if things go wrong,” the FCA spokeswoman continued.
