Bank rapid response scheme cuts fraud

A new rapid response scheme by banks and police has prevented potential fraud victims from being scammed out of £1.64million in Cheshire, new figures reveal.

The Banking Protocol trains bank staff to spot when someone is about to fall victim to a scam and try to prevent them from withdrawing cash to give to a fraudster, after which they can request an immediate police response to the branch. 

In Cheshire five arrests were made from 59 incidents with a total of 90 people protected from a loss totalling £1.64million. 

Across the UK the scheme led to a total of 231 arrests with 4,240 emergency calls made, with an average of £8,960 being prevented per call. 

The average age of a customer helped by the Banking Protocol last year was 71, showing how fraudsters are often targeting more elderly victims with these types of scams.

52 payment service providers, including all the main high street banks and the Post Office, are now fully signed up to the Banking Protocol and have trained up their front-line branch staff in the steps that need to be taken when a customer is at risk. Since March 2018, the scheme has been implemented by all 45 police forces across the UK. 

Katy Worobec, Managing Director of Economic Crime, UK Finance, said: “Bank branch staff are on the front line in the fight against fraud, as increasingly sophisticated gangs target consumers directly and trick them into withdrawing large sums of cash.

“This rapid response scheme is giving bank staff the tools they need to protect vulnerable customers from scams, while helping local police catch fraudsters and bring them to justice.

“The banking industry will keep taking action on all fronts to combat fraud, working closely with our partners in law enforcement to crack down on the criminal gangs responsible.”

PC Mike Wynne, from Cheshire Constabulary’s Economic Crime Unit, said: “The scale and borderless nature of fraud means we need to find new and innovative ways to protect the public and deter criminals. 

“The Banking Protocol is a key example of this and shows how partnerships between policing and the private sector are being used to protect the public from falling victim to fraud. 

“These statistics show that the scheme has already prevented millions of pounds being lost to fraudsters and as the national lead force for fraud, the City of London Police will continue to combat this crime type.”

The initiative, which was developed in partnership with National Trading Standards, trains bank branch staff to spot the signs of a scam and what steps need to be taken when a customer is deemed at risk. If a staff member suspects a customer is being tricked by a fraudster, for example if someone is making an unusually large cash withdrawal, they will take them aside to ask additional questions. If their suspicions are confirmed, the staff member can then invoke the Banking Protocol and contact the local police, who will send a priority response to the branch and investigate the suspected fraud.

As well as stopping attempted fraud, the scheme ensures that extra support is provided to those customers affected to help prevent them falling victim to similar scams in the future. This can include referrals to social services, expert fraud prevention advice and additional checks on future transactions.