555 hotline number to tackle bank fraud

 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 currently being discussed by ministers, police and financial officials, the Daily Mail reported. Current advice states that victims should contact Action Fraud rather than 999 as at present police rarely investigate individual instances of bank fraud.

There were more than 900,000 recorded cases of fraud in the first half of 2017 alone, equating to more than 5,000 a day.