Over £55m of fraud prevented by rapid response scheme in 2022

UK Finance has released figures which show that more than £55 million of fraud was prevented in 2022 by the Banking Protocol rapid scam response scheme.

The Banking Protocol is a nationwide initiative developed by UK Finance, National Trading Standards, and local police forces.

Under the Protocol, bank and building society employees are trained to identify the warning signs of customers in branch or on the phone who might be falling victim of a scam, before alerting the local police.

The trade association said that £258.2 million of fraud has been stopped since the launch of the scheme in 2016.

During the same period, 1,202 arrests have been made.

“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, 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.”

    Share Story:

Recent Stories


Safeguarding economies: DNFBPs' role in AML and CTF compliance explained
Join FStech editor Jonathan Easton, NICE Actimize's Adam McLaughlin and Graham Mackenzie of the Law Society of Scotland as they look at the role Designated Non-Financial Businesses and Professions (DNFBPs) play in the financial sector, and the challenges they face in complying with anti-money laundering and counter-terrorist financing regulations.

Ransomware and beyond: Enhancing cyber threat awareness in the financial sector
Join FStech editor Jonathan Easton and Proofpoint cybersecurity strategist Matt Cooke as they discuss the findings of the State of the Phish 2023 report, diving into key topics such as awareness of cyber threats, the sophisticated techniques being used by criminals to target the financial sector, and how financial institutions can take a proactive approach to educating both their employees and their customers.

Click here to read the 2023 State of the Phish report from Proofpoint.

Cracking down on fraud
In this webinar a panel of expert speakers explored the ways in which high-volume PSPs and FinTechs are preventing fraud while providing a seamless customer experience.

Future of Planning, Budgeting, Forecasting, and Reporting
Sage Intacct is excited to present FSN The Modern Finance Forum’s “Future of Planning, Budgeting, Forecasting, and Reporting Global Survey 2022” results. With participation from 450 companies around the globe, the survey results highlight how organisations are developing their core financial processes by 2030.