Authorized push payment (APP) fraud continues to cause significant headaches for consumers and financial institutions. In 2023, data released by the Payment Systems Regulatory Authority showed that APP fraud caused £341 million ($442 million) in losses in the UK.
It is therefore unlikely that we will see an end to the steady stream of APP fraud cases in the courts any time soon. Given this and the introduction of the long-awaited mandatory refund requirement, will the treatment of APP fraud cases stabilise?
In an article for Law 360, Caroline Greenwell, partner, Bella Henry, Associate And Simon Heatley, Knowledge ladder for the LDR Teamwe look at two cases decided in the High Court of England and Wales in June that have developed case law in this area, and the significance of the upcoming mandatory reimbursement rules.
They include:
- Larsson v Revolut Ltd.
- Terna DOO v Revolut Ltd
- The Supreme Court’s ruling in Philipp v. Barclays
- The mandatory refund requirement for APP fraud, which comes into force on October 7, 2024
The law on APP fraud is still being developed. Could this be an area for the newly formed Labour government to address, given that its manifesto promises a “new enhanced fraud strategy to tackle the full range of threats”?
Read the full article in Law 360 here.
