Millions of people could be at risk of being scammed, Martin Lewis has warned.
Vulnerable Brits must be protected from scammers under the new Online Safety Bills laws, the 48-year-old said.
The proposed bill, if it's passed into law, will give Ofcom the power to crack down on social media companies.
But it is believed the new law wouldn't cover online scams or other financial fraud.
Now the Money Saving Expert founder is warning the bill is failing to protect millions of people with mental health problems.
Research by Martin's charity, Money and Mental Health Policy Institute, shows those with mental health problems suffer more online.
It also includes impulsive spending and taking out high cost credit, as well as being targeted by fraudsters, reports Sun Online.
Martin said: "The government has promised to set world-beating standards for online safety, but as it stands the Online Safety Bill will utterly fail to protect people from the growing threat posed by online scammers, especially to vulnerable people."
A survey by the policy institute found those with mental health problems are three times more likely to be a victim of an online scam.
They were also twice as likely to feel under pressure to spend money when online.
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Brits lose millions of pounds a year online due to scams and the numbers have increased since the pandemic hit.
Martin added: "UK consumer protections and fraud investigations remain hopelessly inadequate and out of date."
The financial guru has also called for greater financial protections to be added to the bill.
A government spokesperson said: "We recognise the concerns about the growth in scale and complexity of online scams and fraud, and we continue to work closely with industry, regulators and law enforcement partners to pursue fraudsters, close down the vulnerabilities they exploit and make sure people have the information they need to spot and report scams."
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