The MoneySavingExpert founder will today lodge court papers for a defamation lawsuit against Facebook over claims it has published more than 50 fake posts bearing his name in the last year.
He says the legal action was the result of months of frustration with scammers piggybacking on his reputation and preying on Facebook users with outlandish get-rich-quick scams.
Mr Lewis said people have handed over thousands of pounds in good faith, only to find the advert has nothing to do with Mr Lewis or his company.
Any damages won through the lawsuit will be donated to charity.
And Mr Lewis also says he wants to force the social media company to change its policy and reduce the risk of such scams being hosted by Facebook.
Appearing on Good Morning Britain, he said: "This is not about a day in court, if I win in court I will give all the money to scam charities.
"This is about stopping vulnerable people being scammed.
"Facebook is culpable, it is responsible, it is being paid to do this and it needs to stop. Enough is enough."
The money saving expert says he gets at least five messages a day from people asking to check the adverts they have seen on Facebook.
Mr Lewis said that one victim who lost £19,000 still refuses to speak to him because he feels that the money saving expert is somehow involved in the ads.
A Facebook spokesman said: “We do not allow adverts which are misleading or false on Facebook and have explained to Martin Lewis that he should report any adverts that infringe his rights and they will be removed.
“We are in direct contact with his team, offering to help and promptly investigating their requests, and only last week confirmed that several adverts and accounts that violated our Advertising Policies had been taken down.”
And he insisted he had complained to Facebook, who he claims had failed to stop the adverts.
He also admitted the court action would help to raise awareness of the issue, whether he wins or loses.
Mr Lewis added: "I want to get the message out. These ads are fake, don't trust them."
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