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Cops Rack Up Fraud Arrests After Teaming With Banks

Law360, London (December 13, 2018, 8:55 PM GMT) -- A new initiative requiring banks to alert the police when someone tries to access an unusually large amount of money has led to 336 arrests, the head of a banking industry group has said.

Bob Wigley, the chairman of lobby group UK Finance, touted the success of the protocol for banks and building societies to a London audience Wednesday. He praised the scheme, which came into force last year, for preventing almost £37 million ($46.8 million) in losses to fraud so far.

The project is a joint initiative between police forces and banks to try to identify vulnerable victims. Authorities hope...

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