Banks are launching an emergency hotline in a bid to protect their customers from scammers after victims were conned out of £1.26bn last year.

The new 159 number, which will be launched on Thursday, will put customers through to their banks so they can check with an operator whether they are being targeted by fraudsters.

The national emergency hotline was set up by industry body Stop Scams UK and will run for a trial period of 12 months after the group revealed the COVID-19 pandemic helped give fraudsters opportunities to develop new ways to con victims out of £1.26bn during 2020.

The pilot scheme, a collaboration between banks, telecoms firms and technology companies, has been praised by personal finance experts for helping to fight the growing levels of scam calls.

However, there are still some concerns that fraudsters may intercept the new hotline at some point.

Martyn James, the head of media at personal finance site Resolver, said: “It’s vital that banks still invest heavily in technology and other anti-fraud measures that enable them to spot suspicious transactions on the front line and introduce second level checks before allowing potentially scammed money to leave an account.”

Ruth Evans, chairwoman of Stop Scams UK, added: “Fraud is cruel, it wrecks lives, and we’re determined to help people fight it.”

Thousands of cash points switched off and not replaced – as hundreds of bank branches close

Climate change: Banks ‘unlikely activists’ behind drive to get firms to adapt, survey shows

Royal Mint launches debit card made of gold – but it isn’t cheap

Documents seen by The Times outlined how customers will receive advice from staff on how to spot the scammers when they are put through to their bank through the hotline.

Banks are said to be hoping that the new scheme will prevent money being stolen from customers, which has cost them tens of millions of pounds a year in refunds.

The hotline has been in the pipeline for years, with the initial idea being discussed by the Joint Fraud Taskforce, a body involving ministers, police and banks that was set up by former prime minister Theresa May in 2016 when she was home secretary.

If the pilot is successful, Stop Scams UK said it will ask Ofcom to make 159 a universal number offered by all telephone providers, similar to 101, 111 or 999.

It comes after £753.9million was stolen in the first six months of this year, up 30% from the same period last year, according to data from the banking industry.

Related posts:

Tearful Countess of Wessex says Queen ‘has been amazing’ as she leaves Windsor Castle 32 million people have had first COVID jab – and almost 7 million have received both doses Royal Mail issues four new stamps in memory of Prince Philip Former Met Police officer who stole drug dealers’ cash jailed for eight years ‘A slap in the face’: Bereaved families attack COVID report and urge judge-led inquiry Matt Hancock announces comeback after kissing scandal COVID-19: Minister apologises for ‘hurt and distress’ suffered by bereaved families Positive lateral flow, negative PCR – conflicting COVID test result claims ‘under investigation’ Essex County Cricket Club chair resigns over allegation of using racist language at board meeting in 2017 Meghan’s texts revealed: Harry faced ‘constant berating’ from Royal Family BBC presenter appeals for help after his dog walker’s van stolen with his pet inside Tributes to ‘hero’ stabbed to death as man charged with his murder and attempted murder of woman