Martin Lewis and Which? chief executive Anabel Hoult have launched a scathing attack on Sir Keir Starmer over what they described as a failure to properly tackle the growing threat of online fraud.
The Money Saving Expert founder and the consumer group's chief executive sent a strongly-worded letter to the Prime Minister accusing ministers of adopting an approach to online scams that was "woefully lacking".
In a video uploaded to social media, Mr Lewis accused Labour of a "flaccid" response to scam adverts, with legislation only set to come into affect in 2027.
He added: "We are leaving people totally unprotected in the Wild West that is social media out there. These big tech companies operate their frictionless advertising", and he went on to say, "our Government is allowing them to do so and is leaving people vulnerable."
In the letter centred on the Labour's recently published Fraud Strategy, the pair argued ministers had failed to move quickly enough against technology companies hosting fraudulent content.
Mr Lewis and Ms Hoult contrasted Labour's response to online fraud with Sir Keir's tougher stance on concerns surrounding deepfake content generated by X's artificial intelligence chatbot Grok.
They quoted the Prime Minister as saying: "If you profit from harm and abuse, you lose the right to self-regulate.
"This is the right attitude, but it is sadly woefully lacking when it comes to all victims of harm and online abuse".
The letter warned that fraud now accounts for 45 per cent of all crime committed in the UK, with the overwhelming majority of offences taking place online.
They also cited figures showing that during the first half of 2025, two-thirds of authorised push payment fraud cases originated on major online platforms.
Martin Lewis attacks Keir Starmer over online fraud and scam adverts
| PAThey argued artificial intelligence (AI) had handed criminals increasingly sophisticated tools to carry out scams on a larger scale, contributing to a 55 per cent increase in investment fraud over the past year.
The pair accused major technology firms of profiting from fraudulent activity hosted on their platforms.
"Major online platforms are not just hosting criminal activity, they are actively profiting from it," the letter stated.
The correspondence also cited reports suggesting online platforms generate around £3.8billion annually from fraudulent advertisements targeting consumers across Europe.
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Mr Lewis said that the action from the Government was "woefully lacking"
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Mr Lewis has repeatedly been targeted by scammers using his name and likeness without permission in fake investment adverts designed to deceive consumers.
The letter warned that criminals are increasingly deploying AI-generated deepfakes in "get rich quick" schemes and fabricated news reports featuring trusted public figures including Deborah Meaden and Richard Branson.
Mr Lewis and Ms Hoult rejected claims from technology companies that technical limitations prevent them from stopping scam adverts from appearing online.
"It is a lack of incentive," the letter stated.
"They aim to operate frictionless advertising models, so anyone, without checks, can pay and get their ads published and put in front of millions of eyeballs".
Mr Lewis also criticised delays to the implementation of codes governing paid-for fraudulent advertising under the Online Safety Act, which are not expected to fully take effect until 2027 at the earliest.
They urged ministers to instruct Ofcom to speed up enforcement action against platforms hosting scam content and requested clarification from the Prime Minister over how technology firms would be held accountable before the protections are introduced.
It also sought assurances over how robust enforcement measures would be maintained once the Online Safety Act codes are finally implemented.
A Labour spokesman defended ministers' approach to tackling fraud and insisted action was already being taken.
"Scammers who trick people into parting with their money are committing a criminal offence and should expect to be punished.
"This Government is backing words with action, delivering £79million this year to tackle fraud head-on".
The spokesman also said social media companies would be required under the Online Safety Act to proactively remove illegal fraudulent content or face enforcement action.