The banking protocol rapid response scheme has saved potential fraud victims around £6,000 per call since its introduction, according to UK Finance.
The scheme enables bank branch staff to spot potential fraud victims and request an immediate police response.
Since the scheme was launched in 2016, it has led to 664 arrests and 16,462 emergency calls have been made, preventing an average of around £6,000 in fraud per call, equating to approximately £100m overall.
The protocol was introduced to crack down on scams in which vulnerable customers are tricked into visiting their banks to withdraw money and hand it over to a criminal. The initiative was developed in partnership between UK Finance, local police forces and National Trading Standards.
Detective chief superintendent Clinton Blackburn, head of economic crime at City of London police, said: “We know that you’re more likely to be a victim of fraud than any other type of crime, so there needs to be a whole system of change in order to tackle the scourge of fraud, bring perpetrators to justice and reclaim assets for those defrauded.”
Katy Worobec, managing director of economic crime for UK Finance, said: “These kinds of scams can have a devastating emotional impact on victims and so partnerships like the Banking Protocol are crucial to protect the public and bring those responsible to justice.
“Intervening early and educating customers to prevent these scams from happening means we can stop money getting into the hands of criminals in the first place.”