The name of Harry and Meghan is misused in promoting fake investment schemes
The image of the Duke and Duchess of Sussex is being used on social media to promote Bitcoin-related investment schemes.
Fake photos and interviews with Prince Harry, Meghan and other celebrities are being used to attract investors.
The Financial Conduct Authority (FCA) says the same phenomenon is raising concerns about fraudulent advertising.
The number of customers reporting potential fraud has increased by more than 400% in five years. In 2021, there were more than 34,000 reports from consumers with suspicions of potentially fraudulent investment offers, the FCA says.
"People have to be very careful when they see investment ads that offer high profits, even if they seem to be backed by celebrities," said a spokeswoman for the financial services regulator.
The Supervisor warns of growing concerns about the quick getaway scams advertised through social media or search engines.
Fake interviews with Prince Harry and Meghan have been used before in investment claims, and there appear to be new attempts to use their names in online articles promising immediate profits, spread on social media platforms.
"People make millions from home using the latest Harry and Meghan advice," says one of the latest fake headlines, in a story also using the logos of news brands, including the BBC, Daily Mail, Sun. , Forbes, Good Morning Britain and The Guardian.
Another article was titled: "Harry and Meghan shocked everyone by revealing how they earned ,000 128,000 every month."
The articles falsely claim that in television interviews the couple supports investment schemes related to Bitcoin trading and cryptocurrencies.
The online articles contain false claims of support for other wealthy figures, including Bill Gates, Sir Richard Branson and Mark Zuckerberg.
The investment articles, viewed by the FCA, appear to be linked to a website in Eastern Europe.
The website was contacted but has not responded and the internet connection now runs into a general feature in the Royal Family.
Representatives of the Duke and Duchess of Sussex have been alerted.
The FCA wants consumers to be more aware of the threat of fraud and to check if a company is regular in the UK and registered in the financial services registry.
Action Fraud, the national reporting center for fraud and cybercrime, says fraudsters are using social media to target a younger age group.
In the financial year between April 2020 and March 2021, 500 investment scams were found using famous celebrity approvals, with losses of over 10 10 million, according to Action Fraud.