Good News for Banks
Posted: July 12th, 2023, 7:18 pm
https://www.telegraph.co.uk/money/consu ... rt-ruling/
"Banks cannot be held responsible for fraudulent payments that are authorised by customers themselves, the Supreme Court has ruled".
"Barclays has won a landmark legal ruling that banks are not liable for fraudulent transactions that have been requested by account holders, in a case that threatened to spark a flurry of claims from fraud victims had the bank lost."
"The Bank faced a compensation claim from a music teacher Fiona Philipp who, along with her husband, Robin, was tricked in an Authorised Push Payment or “APP” scam into sending their life savings – £700,000 held in a Barclays account – to a fraudster’s bank in the United Arab Emirates."
"The case, which was first brought against Barclays in 2020, was thrown out at the commercial court in Bristol in 2021. But that decision was overturned by the Court of Appeal last year, before lawyers for Barclays lodged an appeal with the Supreme Court.The bank’s appeal was unanimously upheld by the Supreme Court on Wednesday."
If folk don't check where they are sending (large sums of) money to, why should a third party (the bank) by held responsible ?
"Banks cannot be held responsible for fraudulent payments that are authorised by customers themselves, the Supreme Court has ruled".
"Barclays has won a landmark legal ruling that banks are not liable for fraudulent transactions that have been requested by account holders, in a case that threatened to spark a flurry of claims from fraud victims had the bank lost."
"The Bank faced a compensation claim from a music teacher Fiona Philipp who, along with her husband, Robin, was tricked in an Authorised Push Payment or “APP” scam into sending their life savings – £700,000 held in a Barclays account – to a fraudster’s bank in the United Arab Emirates."
"The case, which was first brought against Barclays in 2020, was thrown out at the commercial court in Bristol in 2021. But that decision was overturned by the Court of Appeal last year, before lawyers for Barclays lodged an appeal with the Supreme Court.The bank’s appeal was unanimously upheld by the Supreme Court on Wednesday."
If folk don't check where they are sending (large sums of) money to, why should a third party (the bank) by held responsible ?