Banks reportedly prevented £45m of fraud in 2020

Recent coverage has revealed that action taken by bank employees and police prevented some £45m of fraud in 2020, saving customers from the loss of an average of almost £6,000 each. The figure is a testament to the success of the Banking Protocol scheme that encourages banks and the police to work together to protect consumers.

However, the huge £45m sum is also a sign of the scale of fraud in the UK. As leading, specialists in data protection law, we believe that the link between data breaches and fraud is a problem that needs to be addressed. When a third-party organisation fails to protect your personal information, it may be leaked into the hands of cybercriminals, who may attempt to steal from you via various kinds of manipulative scams.

We believe that it is essential that all data controllers are held to account when they fail to observe their legal duties. We have helped thousands of consumers to recover the compensation that they deserve, so we encourage any data breach victims to come forward for free, no-obligation advice on their potential claims.

Saving £45m of fraud – how banks took action

The Banking Protocol scheme was launched in 2016 in an effort to train bank staff to recognise the signs of suspicious activity that could indicate that customers are at a potential risk of fraud. Having stopped £45m of fraud in 2020, the Banking Protocol looks to have saved a total of £142m since it began.

In addition, it was revealed that the police were able to make over 200 arrests in 2020, after receiving 7,800 emergency calls from bank staff.

But the big question is this: if £45m of fraud was stopped, how many attempts were not prevented?

Fraud and data breaches

Bank staff may have been able to identify £45m of fraud, but the signs are not always so clear for the general population. A study by Santander published last June reportedly revealed that 56% of people believed that the pandemic made them more vulnerable to scams. Their concerns are not without merit as there have been reports of surges in financial scams during the UK lockdown periods. And how many of those would be able to truly spot when they are under attack?

As leading, specialists in data breach claims, we know that data breach victims are often at a higher risk of fraud, as their details can reach the hands of criminals. Even with a simple contact number or an address, criminals could send out messages or make calls while posing as reputable companies in an effort to gain access to their victims’ bank accounts. The problem shows no signs of abetting, which is why the companies responsible for data breaches must be held accountable.

Holding companies accountable

Making a data breach claim can be your way to achieve justice for any harm caused to you. No one should be put at an even greater risk of fraud in a world already plagued by cybercrime, which is why we fight to win compensation for the victims of data breaches.

In cases where fraud could not be prevented, victims may be eligible to recover compensation to reimburse them for the financial losses they have suffered.

If you have suffered the emotional or financial impact of a data breach, contact us to receive free, no-obligation advice now on your right to claim.

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