Finance industry, police and trading standards unite to tackle fraud

A GROUND-BREAKING fraud prevention scheme aimed at identifying and protecting potential fraud victims when they visit a bank or building society branch has stopped more than £9 million being passed to criminals in its first year of operation, figures from UK Finance show.

The Banking Protocol, developed as a partnership between the finance industry, police and Trading Standards, enables bank staff to contact police if they suspect a customer is in the process of being scammed, with a rapid response to the branch.

The Banking Protocol was first launched last October with a pilot in London, before a national rollout began in May. Cambridgeshire launched the scheme in September 2017.

It is now in place in 43 police forces across the country, with all remaining forces in the UK committed to introducing it.

Nationally, in the 12 months since the pilot was launched until the end of October 2017, the Banking Protocol has prevented £9.1 million of fraud, with individual customers protected from losing sums from £99 up to £212,000. So far, the scheme has led to 101 arrests being made across the country, with police responding to a total of 1,262 Banking Protocol calls.

In Cambridgeshire, £57,950 in fraud has been prevented and seven potential victims protected from losing money since the Protocol was launched.

Katy Worobec, Managing Director of Economic Crime at UK Finance, said: “Fraud can have a devastating effect on some of the most susceptible people in society and it’s by working together with law enforcement, and others, that we can make a real difference when it matters most.

“The Banking Protocol is a great example of this collaboration in action protecting people from becoming victims. The finance industry is determined to crack down on fraud and is taking action on all fronts – the Protocol is an important weapon in our armoury.”

UK Finance has led the development and implementation of the Banking Protocol with support from the National Trading Standards Scam team and the Joint Fraud Taskforce. As well as stopping frauds taking place, the scheme ensures a consistent response to potential victims and gives them extra support to prevent them becoming a victim in the future. The Post Office is also part of the Protocol.

Detective Sergeant Fiona Bail, from the Cambridgeshire Constabulary Fraud and Cyber Investigation Unit (FCIU), said: “Scammers and fraudsters often prey on those who are more vulnerable in our society and potential victims may not realise they are being manipulated before it is too late. It is important that we protect potential victims and by being a part of this joint initiative we can make it more difficult for fraudsters to operate in Cambridgeshire.”

Rebecca Tinsley, Fraud and Cyber Security Advisor, said: “The public should be aware that banks, the police or fraud investigators will never ask you to transfer your money for any reason, buy high value goods or hand over bank cards, cash or other personal banking details.

“The police and other government agencies, such as the Post Office or Her Majesty’s Revenue and Customs (HMRC), do not accept gift vouchers (e.g. iTunes vouchers or any other kind) in payment for taxes or fines so any requests to purchase any amount, especially if it is a high amount, from any of these agencies should be ignored and reported to the police.”