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When is a duty to pay not a duty to pay?
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Frauds may be unauthorised (credit card fraud, phishing, for example) or authorised. Authorised frauds may be “pull” frauds, where the fraudster is given the victim’s account details and authorised to pull the funds from their account, or “push” frauds (APP), where the victim instructs its bank to send money to the fraudster’s account. If society is serious about combatting fraud, the Quincecare duty should be recognised as incongruous. Where the threshold is crossed, transactions should be referred to the authorities, akin to a Suspicious Activity Report (SAR) notification. The decision whether to comply with the customer’s instructions should be that of those best placed to investigate.
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