Caroline Greenwell, Bella Henry and Simon Heatley write for Law 360 on APP Fraud – where are we now?
Authorised push payment, or APP, fraud continues to cause significant headaches for consumers and financial institutions alike. In 2023, data published by the payments system regulator revealed that APP fraud amounted to a loss of £341 million ($442 million) in the U.K.
It is therefore unlikely that we will see an end to the steady stream of APP fraud cases in the courts any time soon. In light of this, and the introduction of the long-awaited mandatory reimbursement requirements, will treatment of APP fraud cases stabilise?
In an article for Law 360, Caroline Greenwell, Partner, Bella Henry, Associate and Simon Heatley, Knowledge Lead for the LDR team, consider two High Court of England and Wales cases decided in June that have developed the jurisprudence in this area, and the significance of the upcoming mandatory reimbursement rules.
They cover:
- Larsson v. Revolut Ltd
- Terna DOO v. Revolut Ltd
- The Supreme Court's ruling in Philipp v. Barclays
- The mandatory reimbursement requirement for APP fraud that comes into force on October 7th 2024
The law on APP fraud remains an evolving piece. Could this be an area for the newly formed Labour government to tackle, given that their manifesto promises a "new expanded fraud strategy to tackle the full range of threats?
Read the full piece in Law 360 here.
