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July 1, 2022
Finance Technologies

UK Finance scheme stops £19m of fraud in 2020

The Banking Protocol, an anti-fraud initiative from trade association UK Finance, claims to have stopped more than £19 million of fraud in 2020 so far. The Banking Protocol has stopped £116 million in fraud since 2017 The scheme enables bank branch staff to alert local police when they believe a customer is being defrauded. Police visit the branch in question and arrest any suspects still on the scene. Impersonation scams, in which criminals imitate police or bank staff, are the primary target of the project. The scheme resulted in more than 100 arrests and has prevented £19.3 million of fraud…
UK Finance scheme stops £19m of fraud in 2020

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