Opportunities for fraud have never been greater. Both the number of cases and the amounts at stake are vast1 and advances in technology allow fraudsters to deploy increasingly sophisticated and tailored techniques. Moreover, a rapidly evolving payments system landscape, with increasing disruption and new entrants, is also creating new fronts in the ongoing battle against fraud.
Fraud often moves quicker than the steps that can be taken to stop it, and monies are fast dissipated. Out-of-pocket victims may therefore look to the financial institutions (whether banks or other types of payment providers) through which the tainted transfers were made as a means of redress.
Whilst the international element of payments and clearing systems is important, especially if there are different currencies in the payment chain, our focus here is on which claims may be made, and defended, under English law. The Alston & Bird team is delighted to have teamed up with Daniel Toledano KC to give our views on where the key risks for those institutions lie, how those risks can be mitigated and important action points should disputes arise.
Please see full publication below for more information.
