June 25 ,2018 | by LSBF Blog Staff

Banking Protocol successful in preventing fraud, UK Finance figures show

Banking Protocol successful in preventing fraud

Figures from banking and finance trade association UK Finance have highlighted the success of its Banking Protocol, with the scheme helping to prevent £24.7m of fraud and leading to more than 195 arrests being made since its launch last year.

The scheme enables banks to report any suspected fraud incidents, with affected branches being made a priority and receiving an immediate response from the police.

Support

The Banking Protocol was developed and implemented by UK Finance and was formed through a partnership between the police and the finance industry, with support being provided by the Joint Fraud Taskforce and National Trading Standards. The scheme was piloted in London in October 2016 and rolled out across the UK in May 2017.

UK Finance’s recent figures show that the scheme helped to prevent a monthly record high of more than £3m in fraud in May this year, leading to 17 arrests being made.

In addition to preventing fraud, the scheme helps victims to be provided with a consistent response and offers them support to help them avoid becoming a victim of future attacks.

Vital

Commenting on the importance of the Banking Protocol, the City of London Police’s Economic Crime Directorate Head Detective Chief Superintendent Glenn Maleary said that the scale and the borderless nature of fraud mean that it is necessary to find innovative and new methods to protect the public and deter criminals.

He added that banks are frequently the first point of contact for a person who is about to become a victim of fraud, so the Banking Protocol is a vital way of protecting vulnerable people and stopping criminals from taking advantage of them.

LSBF Blog Staff

The official profile of the World's Business School. Follow us on Twitter at @LSBF

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