Partner Richard Cannon examines the UK’s biggest anti-fraud operation and the likelihood of compensation for victims of banking fraud in Law360.
Richard’s comments were published in Law360, 24 November 2022, and can be read here.
“Currently the victims of frauds such as these face a lottery on whether they will receive compensation from their bank.
The Payment Systems Regulator is currently consulting on the introduction of a uniform industry wide approach which would see reimbursement in all but exceptional cases.
As the senior officer in the case stated, those involved will have a back up plan and will have moved on. All law enforcement can really do here is to play a global digital game of Whack-A-Mole.”