Rapid Response Scheme Thwarts Fraud Exceeding £55 Million in 2022

The Banking Protocol is a nationwide initiative collaboratively developed by UK Finance, National Trading Standards, and local police forces. Through this scheme, bank and building society employees undergo training to identify potential warning signs indicating that a customer, whether in-person at the branch or during a phone call, might be targeted by a scam. Upon detecting such signs, the staff promptly notifies their local police force, allowing for swift intervention and investigation.

Since its inception in 2016, the scheme has prevented a total of £258.2 million worth of fraudulent activities, leading to 1,202 arrests.

Customers who have been assisted through this program receive ongoing support to shield them from potential scams in the future. The support includes referrals to social services, expert advice on fraud prevention, and additional checks on subsequent transactions.

The Banking Protocol is particularly effective in combating impersonation scams, where criminals pose as police officers or bank personnel, coercing victims to visit their banks and withdraw or transfer substantial sums of money. It is also utilized to thwart romance fraud, wherein fraudsters employ fake online dating profiles to deceive victims into making money transfers. Additionally, the scheme plays a crucial role in catching rogue traders who demand cash for unnecessary work on properties.