Home Business NewsBusiness 197 arrests made under new bank fraud scheme

197 arrests made under new bank fraud scheme

by LLB Reporter
22nd Jun 18 8:55 am

New figures show

Figures published by UK Finance have revealed that £24.7 million of fraud has been prevented and 197 arrests made thanks to the introduction of the Banking Protocol, a ground-breaking scheme aimed at identifying and protecting potential fraud victims when they visit a bank or building society branch. The publication of the latest figures marks one year since a national roll-out of the scheme began in May 2017.

The Banking Protocol enables bank branch staff to contact police if they suspect a customer is in the process of being scammed, with an immediate priority response to the branch. UK Finance has led the development and implementation of the scheme, which is a partnership between the finance industry and police supported by National Trading Standards and the Joint Fraud Taskforce. Branch staff, call handlers, police and trading standards officers in each area have all been trained in the Banking Protocol and the steps that need to be taken when a customer is at risk.

The scheme was first introduced as a pilot in London during October 2016, before a national roll-out began in May 2017. Since March 2018 it has been implemented by all 45 police forces across the country. In that time it has led to 197 arrests across the country, while 3,682 emergency calls have now been placed and responded to through the scheme, with the average prevention per call equating to £6,720. In May 2018, the Banking Protocol prevented over £3m in fraud – a monthly record – while 17 arrests were made.

As well as stopping frauds taking place, the scheme ensures a consistent response to potential victims and gives them extra support to prevent them becoming a victim in the future. UK Finance has led the development and implementation of the Banking Protocol, with support from the National Trading Standards Scam team and the Joint Fraud Taskforce.

Katy Worobec, Managing Director of Economic Crime at UK Finance, commented:

“Fraud can have a devastating impact on victims and is often targeted at the most vulnerable people in society, which is why we must work together to prevent it.

“The Banking Protocol shows how close cooperation between the industry and law enforcement can help to protect victims and crack down on fraudsters.

“This kind of joined-up approach is crucial to stay one step ahead and ensure that unscrupulous scammers preying on customers are brought to justice.”

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