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.”

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