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.”
Latest News
-
Revolut reveals 2025 vision featuring AI assistant, mortgages, and ATMs
-
ZA Bank launches cryptocurrency trading in ‘Asia first’
-
BIAN launches new developer tools
-
Canadian banks leading on AI, says founder of Evident AI Index
-
Barclays fined £40m over Qatar fundraising failures from 2008
-
Mastercard Multi-Token Network connects to JP Morgan’s Kinexys Digital Payments for settlement
The human firewall: Activating employees to safeguard financial data
As financial services increasingly embrace SaaS and cloud-based technologies, they face emerging threats to safeguard sensitive customer data. While comprehensive IT security measures are essential, the active involvement of employees across organisations is pivotal in ensuring the protection of sensitive data.
Building a secure financial future for instant payments: The convergence of ISO 20022 and fraud detection
The financial landscape is rapidly evolving its approach to real-time transactions under the ISO 20022 standard, and financial institutions must take note. With examples such as the accelerated adoption of SEPA Instant Credit Transfers in Europe and proposed New Payment Architecture (NPA) programme in the UK, the need for swift and effective fraud detection is more crucial than ever.
Data Streaming and Consumer Duty: Transforming customer experience in banking
Introduced at the end of July, the Consumer Duty is a game-changing new set of rules and guidance for financial services institutions in the UK, and companies must look to modernise their systems in adherence with it in mind to create the best customer experience possible.
From insight to action: Empowering financial institutions through advanced technology and collaborative information sharing
The use of Information sharing in enhancing financial crime prevention has been universally agreed as being beneficial. However no-one has been able to agree on how information can be shared safely without breaching data protection laws or having the right systems to facilitate this, Information sharing has re-emerged as a major consideration for financial institutions (FIs) ahead of the Economic Crime and Corporate Transparency Bill being made into law in the UK.
© 2019 Perspective Publishing Privacy & Cookies
Recent Stories