Prince Harry and his wife Meghan Markle are being fraudulently used to market risky Bitcoin investments online.
The Duke and Duchess of Sussex are just two of the celebrities that scammers use as they try to con people into handing over their hard-earned cash.
Other celebrities whose reputations are being hijacked by the fraudsters include Bill Gates and Richard Branson.
As well as using pictures of household names alongside their adverts, the crooks even use made-up “interviews” in a bid to convince unsuspecting investors that they are on to a good thing.
The increase in these scams is concerning regulator the Financial Conduct Authority (FCA), reports the BBC, with the number of consumers reporting possible scams to the watchdog rising by more than 400% in five years.
Last year, there were more than 34,000 reports about possible fraudulent investment offers, the FCA said.
Many of the fake ads, which seem to originate in Eastern Europe, appear on search engines on social media feeds.
An FCA spokeswoman said: “People should be very wary when they see investment ads offering high returns, even if they appear to be endorsed by celebrities.”
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One recent headline claimed that people are “earning millions from home by using Harry and Meghan latest advice”.
Another scam announcement carried the headline “Harry and Meghan shocked everyone in the studio by revealing how they making an extra £128,000 every month”.
Financial crime prevention expert Debbie Barton, of Quilter, said: “Sadly, Harry and Meghan are being targeted because they are household names and can grab the attention of potentially millions of people.
“They are not the first to be impersonated and certainly won’t be the last. It is far too easy for scammers to steal the identity of a well-known celebrity, or impersonate the brand of a well-known financial services firm, host a website with a domain located outside the UK, and use a cheap advert to reach potentially thousands of unsuspecting individuals.”
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