A potential victim who dials 159 will be automatically connected to their bank’s fraud prevention service.
Anyone who receives a call or message from somebody claiming to be from a trusted organisation and who suggests money should be transferred is being urged to hang up and call 159.
The banking trade body, UK Finance, has described the level of fraud as a national security threat.
The new 159 service is also being promoted by Stop Scams UK – a coalition of banking and technology companies. New 159 fraud hotline launched to counter threat – BBC News