header-logo header-logo

Fraud victims: light at the end of the tunnel?

24 May 2024 / Jon Felce , Rosie Wild
Issue: 8072 / Categories: Features , Fraud , Financial services litigation
printer mail-detail
174021
A recent case offers hope for victims of APP fraud. Jon Felce & Rosie Wild explain the ruling and its ramifications
  • Payment services providers (PSPs) may face liability for failing to take reasonable steps to retrieve or recover monies transferred after an APP fraud.
  • The decision is subject to appeal and was made in the context of an interim application, so the existence and scope of any duty will need to be determined at trial.
  • In the meantime, PSPs will need to consider what steps they need to take to protect themselves against potential liability.

Banks and other financial institutions can sometimes be slow off the mark in reacting to frauds once they are alerted to potential wrongdoing. This can manifest in a failure, once on notice of the potential fraud, to take sufficient steps to seek to stop sums being dissipated and to recover sums fraudulently misappropriated. Reacting promptly can sometimes mean the difference between locking down and recovering funds, and those funds

If you are not a subscriber, subscribe now to read this content
If you are already a subscriber sign in
...or Register for two weeks' free access to subscriber content

MOVERS & SHAKERS

Cadwalader—Andro Atlaga

Cadwalader—Andro Atlaga

Firm strengthens leveraged finance team with London partner hire

Mourant—Stephen Alexander

Mourant—Stephen Alexander

Jersey litigation lead appointed to global STEP Council

mfg Solicitors—nine trainees

mfg Solicitors—nine trainees

Firm invests in future talent with new training cohort

NEWS
The Supreme Court issued a landmark judgment in July that overturned the convictions of Tom Hayes and Carlo Palombo, once poster boys of the Libor and Euribor scandal. In NLJ this week, Neil Swift of Peters & Peters considers what the ruling means for financial law enforcement
Small law firms want to embrace technology but feel lost in a maze of jargon, costs and compliance fears, writes Aisling O’Connell of the Solicitors Regulation Authority in this week's NLJ
Charles Pigott of Mills & Reeve reports on Haynes v Thomson, the first judicial application of the Supreme Court’s For Women Scotland ruling in a discrimination claim, in this week's NLJ
Bea Rossetto of the National Pro Bono Centre makes the case for ‘General Practice Pro Bono’—using core legal skills to deliver life-changing support, without the need for niche expertise—in this week's NLJ
Charlie Mercer and Astrid Gillam of Stewarts crunch the numbers on civil fraud claims in the English courts, in this week's NLJ. New data shows civil fraud claims rising steadily since 2014, with the King’s Bench Division overtaking the Commercial Court as the forum of choice for lower-value disputes
back-to-top-scroll