£32m of financial fraud stopped in first half of 2021

 £32m of financial fraud stopped in first half of 2021

Banks, building societies and Post Offices worked with the Police to prevent £32m of fraud in the first half of 2021, according to new figures from UK Finance.

This is up 65% compared to the same period in 2020, pointing to a surge in activity from scammers targeting vulnerable savers during the pandemic.

UK Finance said the ‘Banking Protocol’ introduced in 2016 has now helped prevent £174m of financial fraud and urged savers to remain on their guard as ending of Government lockdown support likely to increase financial vulnerability.

Fraud has a devastating impact on victims so partnerships like the Banking Protocol are not only crucial in helping vulnerable people, but it also stops stolen money from going on to fund other illicit activities including drug smuggling, human-trafficking and terrorism.”

The latest figures revealed that branch staff invoked the Banking Protocol 4,782 times between January and June…

Read full article at www.internationalinvestment.net