Tag Archives: fraud

Are banks under a duty to prevent Authorised Push Payment fraud?

FACTS In 2018, the claimant (Mrs Philipp) and her husband were tricked into sending £700,000 to bank accounts controlled by fraudsters in the United Arab Emirates. Through an elaborate scheme, the fraudsters convinced the Philipps that they were agents of …

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Fraud – Freezing orders, Norwich Pharmacal orders, and Bankers Trust orders

Freezing orders A freezing order acts to restrain a respondent from dealing with or disposing of its assets and is typically sought to preserve the respondent’s assets until a judgment can be obtained by the claimant and satisfied. Parties can …

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Palladian Partners LP & Ors v The Republic of Argentina & Anor – Tilting the Balance to Fraud

Background The underlying dispute relates to securities issued by the Republic of Argentina (the Defendant) and held by the Claimants as part of a debt restructuring. Annual payments are due under the securities subject to certain pre-conditions being met. The …

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Bank Fraud: Safeguards and Solutions (part three)

Given the current circumstances, authorities are warning that everyone should take particular care against frauds relating to Covid-19. In parts one and two of this series we looked at what mechanisms the banks should have in place to protect their …

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Bank Fraud: Safeguards and Solutions (part two)

Quincecare duty Banks are under a duty not to execute payment instructions where they have reasonable grounds to believe that the instruction is an attempt to misappropriate the customer’s funds (being put on inquiry); this is known as a bank’s …

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Bank Fraud: Safeguards and Solutions (Part one)

Fraudsters are targeting both businesses and individuals with both the usual scams we have been aware of for a while and with new COVID-19-related schemes. It is, therefore, more important than ever to be vigilant. But we might also ask …

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