On the Ask Martin segment on Nihal Arthanayake’s BBC Radio 5Live programme this afternoon, the money saving expert broke out in a rage over the lack of regulation given for online scam advertisements. Ty from Bournemouth called in to explain how detrimental these scams can be and how easily people can be “reeled in”.

“The scammers must create a SIM card and an email address specifically for each case and he was constantly on the phone.”

The scammers became “best friends” with Ty’s friend by teaching them about cryptocurrency, helping him become familiar with all the “dials and the electronics”.

Ty continued: “I saw him start releasing more and more money, and it went up to £50,000.

“It started to become more apparent that it was a scam and that the money was gone before I had the chance to throw some money in.”

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When asked about his friend’s mental health after losing that amount of money, Ty explained he “wasn’t good”.

He said: “It took him about six months to sort of come to terms with the reality of losing that amount of money.”

The money saving expert is urging the Government to do more and include scam adverts in the Online Safety Bill as people lose thousands due to these scammers.

Ty said: “The government need to step up because these criminals are getting paid from these advertisements”.

“Eventually you’ll keep putting more and more in until you smell a rat and ask for your money out and they say they can’t give you…

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