Banking Protocol: Preventing Fraud And Protecting Members In Credit Unions
29th September 2021
The Banking Protocol is a rapid response scheme that will enable credit union staff to alert police when they suspect a customer is being scammed. Police will attend the branch within the timeframe of an emergency response, enabling them to provide an effective customer intervention, secure evidence to enable them to investigate the potential scam and sometimes catch fraudsters in the act. The scheme will help to prevent customers, particularly the elderly and vulnerable, from falling victim to scams.
£31.9 million of fraud was prevented through the Banking Protocol in the first half of 2021, an increase of 65 per cent compared to the same period the previous year. Since it was first launched in 2016, the scheme has led to 934 arrests, prevented £174 million of fraud, and resulted in over 28,000 emergency calls being responded to.
Following the success of the Branch Banking Protocol, UK Finance and the banking industry are now working with national law enforcement to deliver an on-line referral process for scam victims identified via the on-line or telephone banking platforms.
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