Client Type: Individual

APP Fraud: What New Changes Are on the Horizon for Banks?

What is APP fraud? APP (authorised push payment) fraud occurs when someone is tricked into sending money to a fraudster posing as a genuine payee. There are many ways a fraudster will seek to do this, for example through intercepting emails, posing as a genuine business, sending links to fake websites via email or text message and cold calling. According to UK Finance, APP fraud has, for the first time, surpassed card fraud with GBP 355 million in losses attributed to APP fraud in the first half of 2021.

What steps are being taken to tackle economic crime in the UK?

What steps are being taken to tackle economic crime in the UK?

Economic crime covers all types of financial crime including fraud, money laundering, counterfeit currency, bribery and corruption. According to recent statistics from the Office of National Statistics, fraud and computer misuse is now greater than all other types of crime put together. Action Fraud reported a 36% rise in fraud offences for the year ending June 2021, compared with the previous year.

The Government’s Economic Crime Plan 2019 to 2022, published in July 2019, described economic crime as a “…significant threat to the security and prosperity of the UK…” impacting “…all of our society including our citizens, private sector businesses and the government.” At that point fraud was one of the most common crimes in the UK and who could have predicted what was to come?

In spite of the Government’s Economic Crime Plan, economic crime continues to be a major and rapidly growing problem in the UK. We take a look at what steps are being taken to tackle economic crime.

APP Fraud: Court of Appeal overturns Barclays judgment

APP Fraud: Court of Appeal overturns Barclays’ judgment

In an important decision concerning authorised push payment (“APP”) fraud, the Court of Appeal has overturned a High Court judgment which limited a bank’s Quincecare duty to circumstances where a bank was instructed by an agent of the customer of the bank (effectively limiting the duty to corporate customers). The decision at the time was a disappointment to non-corporate victims of APP fraud for whom it is incredibly difficult to recover their losses. On the other hand, banks breathed a sigh of relief that the potentially onerous Quincecare duty had been restricted in scope.

The Court of Appeal has allowed Mrs Philipps’ appeal against Barclays Bank acknowledging that it is “…at least possible in principle that a relevant duty of care could arise in the case of a customer instructing their bank to make a payment when that customer is the victim of APP fraud.”

The case will now proceed to trial.

Reflecting on when your fraud claim goes badly

Reflecting on when your fraud claim goes badly

Most people acknowledge there is an inherent risk in litigation. That is especially the case in claims of fraud. Even with a strong case, the outcome is never certain. Those who have worked with solicitors and barristers will know that they are generally cautiously optimistic when it comes to the merits of a claim, however that is not always the case. Does confidence in the merits of a case that goes on to fail indicate a problem with the legal advice?

A recent case supported the view that failure of a litigant’s claim does not mean that a solicitor’s earlier confident views about the claim were necessarily negligent. But what if the solicitor clearly got things wrong; mismanaged the claim, perhaps failed to spot or fully investigate a fraud? What are the routes for redress and how can we help?

ESG Metrics: marketing, misleading or more?

ESG Metrics: marketing, misleading or more?

A company’s “ESG” or “Environmental, Social and Governance” metrics are increasingly being used by investors to benchmark companies and identify material risks and growth opportunities. Not yet mainstream, companies are increasingly choosing to disclose such metrics voluntarily through annual reports or standalone sustainability reports. But should companies be wary of what representations they make about their ESG credentials? Can investors hold them to account if such statements turn out to be untrue or an exaggeration of reality?

managing a fraud investigation

Managing An In-house Investigation

Managing fraud investigations: an in-house perspective

Upon discovering fraud there are important issues to consider and preliminary steps which need to be taken before involving external advisors. Arun Chauhan takes us through what good practice looks like in the current fraud environment and what in-house legal teams should think about when conducting a regulatory investigation.

Fraud and the limitation period

Fraud And The Limitation Period

Assessing when a claimant could have discovered fraud…

In the recent case of European Real Estate Debt Fun (Cayman) Ltd v Treon and others [2021] EWHC 2866, the High Court took a broad view of the facts to be taken into consideration when assessing when a claimant could have discovered fraud for the purposes of the Limitation Act 1980 (the “Act”).

The Perfect Fraud? Investing in private companies (Part 2) The unravelling…

On 6 July 2021, judgment was handed down sealing victory for our clients in what has been a long and drawn-out legal battle against two individuals who sought to defraud them causing loss of over £1m. The judgment confirms that the Defendants were “…wilfully and deliberately dishonest.” In this second article we discuss how we were able to unravel the fraud and construct a successful claim for fraudulent misrepresentation…

The Perfect Fraud? Investing in private companies (Part 1) From the outside looking in…

On 6 July 2021, judgment was handed down sealing victory for our clients in what has been a long and drawn-out legal battle against two individuals who sought to defraud them causing loss of over £1m. The judgment confirms that the Defendants were “…wilfully and deliberately dishonest.” In the first of two articles discussing the case, we assess how the Defendants committed an almost perfect fraud…

Tenet success in fraudulent misrepresentation claim

Tenet has recently achieved success for its clients in the Central London County Court in respect of a claim for fraudulent misrepresentation against the authors of a highly inflated valuation of a well-known business coaching company, in which our clients were persuaded to invest.

Over the coming weeks we will be publishing a two-part article discussing this case in more detail as it was a well-planned approach by the defendants to distance themselves from responsibility whilst also creating a number of other commercial and practical factors in the way of the claimants.  Our two-part article shall also look at the lessons which can be taken from it to try and help people avoid being caught by a similar situation.

However, in the meantime, we are keen to share our success and that of our clients, for which this has been a long and drawn-out battle for justice.

Contact details

Phone: 0121 796 4020

Email: hello@tenetlaw.co.uk

Fax: 0843 216 4240

Location

Tenet Compliance & Litigation Limited
10th Floor, Lyndon House, 62 Hagley Road, Birmingham, B16 8PE

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