Yahoo News Ring 555 if you are victim of bank fraud: New hotline suggested to tackle scams
A new 555 emergency hotline may be set up for bank fraud victims under plans to tackle the growing number of crimes.
The emergency number specifically for bank fraud has been suggested in order to crack down on rising scams and alert banks to illegal money transfers.
The idea is reportedly being discussed by ministers, police and financial officials. Current advice states that victims should contact Action Fraud rather than 999 as police rarely investigate individual instances of bank fraud.
More than 900,000 cases of fraud were recorded in the first half of 2017 alone, equating to more than 5,000 a day.
The idea for a hotline was put forward at a meeting of the Joint Fraud Taskforce in September attended by Home Secretary Amber Rudd and senior staff from a number of UK banks.
It is vital to encourage more people to report scams, even in instances where they have got their money back
James Freedman, City of London Police
Minutes published by the Home Office reveal that Brian Dilley, of Lloyds Banking Group, told the meeting about an "early stage idea" of having a single number - such as 555 - for the reporting of scams and fraud.
Currently victims of fraud are advised to call Action Fraud on 0300 123 2040. Details about how any hotline would operate are not clear as the suggestion is in its infancy.
The minutes say: "Brian Dilley (BD)... commented on the issue of communicating to customers who have been told not to trust unsolicited contact from their bank.
"BD outlined an early stage idea... for a central reporting telephone number e.g. 555 that victims of fraud/scams could contact.
"At its simplest the number could be a triaging facility directing victims to the appropriate agency and at its most ambitious it could sit in front of enhanced data sharing/analytics which would take in all reporting and provide standardised reporting and a collective intelligence picture across fraud and money laundering."
James Freedman, fraud ambassador for City of London Police, told the Daily Mail: "The problem is that people may liken the number to 999 and expect an emergency response. In reality fraud can take time to investigate.
"However, it is vital to encourage more people to report scams, even in instances where they have got their money back or not fallen for them at all, as this is the only way the body of information available to the police will grow."
