You are here: Home - Saving & Banking - News -

Police and bank staff stopped £32m of fraud in first half of 2021

0
Written by:
07/09/2021
UK bank branch staff and the police stopped £32m of fraud in the first half of this year through the Banking Protocol, a 65 per cent increase compared with the same period a year ago.

The scheme enables branch staff to alert local police to suspected scams. The police then intervene and investigate.

In total, £174m of fraud has been prevented since the scheme was introduced in 2016, according to UK Finance.

The latest figures reveal that branch staff invoked the Banking Protocol 4,782 times between January and June 2021, saving potential victims an average of £6,672 each.

The scheme led to the arrest of over 90 suspected criminals, bringing the total number of arrests to 934 since the protocol began.

It is often used to prevent impersonation scams, in which criminals imitate police or bank staff and convince people to visit their bank and withdraw or transfer large sums of money.

It is also used to prevent romance fraud, in which fraudsters use fake online dating profiles to trick victims into transferring money, and to catch rogue traders who demand cash for unnecessary work on properties.

Katy Worobec, managing director of economic crime at UK Finance, said: “Criminals have continued to capitalise on the pandemic to commit fraud, callously targeting victims through impersonation, romance, courier and rogue trader scams. Branch staff and the police are working on the frontline to protect people from fraud and these figures highlight the importance of their work in stopping these cruel scams and bringing the criminals to justice.”

The scheme has been expanded to cover fraud carried out through telephone and online banking. So far, 36 out of 45 police forces across the UK are signed up to the enhanced scheme.

Staff working in call centres and in online banking teams notify the police when attempted bank transfers are being made which they believe may be the result of a scam.

 

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

The savings accounts paying the most interest

It’s time to get your finances in shape, and moving your cash savings to a higher paying deal is a good plac...

Everything you need to know about being furloughed

Few people had heard of ‘furlough’ before March 2020, but the coronavirus pandemic thrust the idea of bein...

The experts’ guide to sorting out your personal finances in 2021

From opting to ‘low spend’ months to imposing your own ‘cooling-off period’, industry experts reveal t...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week