Tag Archives: fraud

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

Posted on February 25, 2021 by Alice Heathfield

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 Philipps that they were agents of the …

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

Posted on December 8, 2020 by Christopher Wilsher

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

Posted on October 29, 2020 by Alice Heathfield

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)

Posted on May 7, 2020 by Alice Heathfield

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)

Posted on April 21, 2020 by Alice Heathfield

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)

Posted on April 16, 2020 by Alice Heathfield

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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