A few weeks ago, an elderly customer went into her local bank branch in Fife and asked to make a £5,000 withdrawal in cash from her savings account. The cashier thought it was unusual the customer was taking out such a large sum of cash and so took her aside to speak to the branch manager. It then emerged that the customer had been approached by a group of rogue traders, insisting she withdraw the money to pay them for work that hadn't been completed. The branch manager immediately invoked the Banking Protocol, a new scheme that allows branch staff to alert local police to suspected fraud, with an immediate response to the branch. As a result, not only was this scam prevented but six men were arrested in connection with the incident.

This is just one of dozens of examples of fraudsters being stopped in their tracks thanks to the Banking Protocol. Figures published today by UK Finance reveal that almost £25m of fraud has been prevented and 197 arrests made thanks to the introduction of the scheme. And the good news is the Banking Protocol is going from strength to strength. What started as a pilot scheme in London has now been rolled out to every police force in the country, with the latest figures showing that May 2018 was a record-breaking month, with £3 million of fraud prevented.

UK Finance is proud to have led the development and implementation of this ground-breaking scheme, in partnership with National Trading Standards and the Joint Fraud Taskforce. Under the scheme, bank branch staff and trading standards officials receive training on what steps need to be taken when a customer is at risk. 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. This shows what can be achieved through close cooperation between the industry and law enforcement.

However, we are not complacent and recognise that more can still be done in the fight against fraud. While the Banking Protocol is a valuable tool in our armoury, the industry will keep taking action on all fronts to protect victims and crack down on fraudsters. This includes investing in advanced security systems, sponsoring the Dedicated Card and Payment Unit (DCPCU), a unique police unit that prosecutes fraudsters, and raising awareness amongst consumers through the Take Five to Stop Fraud campaign. Ultimately, fraud is an issue that affects the whole of society, and one which we must all come together to tackle. The finance industry is committed to playing its part.

Related Event: Economic Crime Congress

This December, UK Finance, in conjunction with LexisNexis Risk Solutions, will host its first Economic Crime Congress, a multi-stream, one-day event bringing together top international and UK experts and practitioners. From Brexit to major regulatory reforms, the conference will deliver timely updates on incoming developments in legislation, regulation and services, and discuss the key economic crime topics of 2018. Visit the website for more information and to sign up.