Bank branch staff working with the police stopped £19.3m of fraud in the first half of 2020 through the banking protocol, according to UK Finance.
Between January and June 2020, over 100 arrests have been made due to the scheme that enables bank branch staff to alert local police when they suspect a customer is being scammed.
Customers helped through the initiative are typically aged 65 or above, with some being over 100 years old.
The scheme was introduced three years ago and is now being expanded to telephone and online banking. Since its introduction, the scheme has prevented victims from losing £116m and led to 744 arrests.
Katy Worobec, managing director of economic crime at UK Finance, said: “It is sickening that criminals are preying on elderly and vulnerable victims during this difficult time. Bank branch staff on the frontline are doing a heroic job in stopping these cruel scams and helping bring those responsible to justice.
“The banking industry is now working with police forces to expand this scheme to telephone and online banking, with a focus on protecting vulnerable customers.”