17 min
The ongoing case of Quincecare and APP fraud All Eyes on FIs
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- Management
You may be familiar with the ‘Hey Mum’ WhatsApp fraud where scammers prey on parents, posing as their children who have lost their phones and as a result need some money to cover the costs of their lost belongings. This is an example of an authorized push payment fraud which happens when a person or a business is tricked into sending some money to a fraudster who's posing as a genuine payee.
In this episode we discuss the Quincecare Duty (derived from Barclays Bank Plc v Quincecare) which is a duty for the financial institution to protect its customer from itself where circumstances are such as to put the bank on reasonable inquiry that there may be fraud on the account.
WTW Claims Advocates, Kelly Willcox and Krysta Prestney discuss the Duty along with Julie Baker, Banking Industry Practice Leader in this episode.
Complaints about APP fraud increased by around more than 20% in the year 2021-2022 and FOS upheld around 3/4 of these complaints in consumers favour.
You may be familiar with the ‘Hey Mum’ WhatsApp fraud where scammers prey on parents, posing as their children who have lost their phones and as a result need some money to cover the costs of their lost belongings. This is an example of an authorized push payment fraud which happens when a person or a business is tricked into sending some money to a fraudster who's posing as a genuine payee.
In this episode we discuss the Quincecare Duty (derived from Barclays Bank Plc v Quincecare) which is a duty for the financial institution to protect its customer from itself where circumstances are such as to put the bank on reasonable inquiry that there may be fraud on the account.
WTW Claims Advocates, Kelly Willcox and Krysta Prestney discuss the Duty along with Julie Baker, Banking Industry Practice Leader in this episode.
Complaints about APP fraud increased by around more than 20% in the year 2021-2022 and FOS upheld around 3/4 of these complaints in consumers favour.
17 min