You are the victim of fraud—how likely are you to succeed in a claim against your fraudster’s bank? In this week’s NLJ, David McIlroy, barrister at Forum Chambers, and Jon Felce, partner, and Rosie Wild, senior associate, at Cooke, Young & Keidan, address this question.
They look at the scope of the Quincecare duty, consider caselaw on banking claims and explain why banks remain vulnerable to claims from fraud victims. Moreover, with fraudsters upping their game and frauds increasing amid difficult economic times, banks should ensure they don’t let their guard down.
McIlroy, Felce & Wild conclude: ‘Financial institutions should not bank on evading liability in fraud cases.’
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