28 Jul 2023
Data published by trade association UK Finance has revealed that the Banking Protocol rapid scam response scheme prevented over £55 million in fraud in 2022.
Developed by UK Finance, Trading Standards and local police forces, the Banking Protocol is a UK-wide scheme under which bank and building society workers are trained to spot warning signs that individuals may be falling victim to a financial scam.
Since the Protocol was established in 2016, £258.2 million in fraud has been prevented and 1,202 arrests have been made.
Those assisted by the Banking Protocol are offered ongoing support to help them avoid falling victim to scams in the future.
'The Banking Protocol continues to help prevent people falling victim to fraud and prevents millions of pounds getting into the hands of criminals,' said Ben Donaldson, Managing Director of Economic Crime at UK Finance.
'This is a brilliant demonstration of collaboration between the police and the banking sector and it will continue to be an important part of the industry's efforts to prevent fraud.'