Fraud reimbursement - is fair, fair?

Event date: 26/09/24
Location: Penningtons Manches Cooper LLP, 125 Wood Street, London, EC2V 7AW

Fraud accounts for around 40% of all crime in England and Wales. Authorised push payment (APP) fraud has been a significant contributor to this and the general rise in fraud. The APP fraud mandatory reimbursement scheme for Faster Payments, that is due to come into effect on 7 October 2024, is a means of compensating victims of APP fraud. This is coupled with increased fraud prevention measures among banks and payment service providers (PSPs), but how should they cooperate in a mandatory reimbursement world?

Join us for this seminar in which we will explore:  

• the coming into force of the mandatory reimbursement scheme – the legal basis and its practical implications for bank/PSPs and account holders;
• the potential duties of care owed by receiving banks/PSPs under the so-called 'retrieval duty' and the consequences for secondary receiving banks;
• recent cases on dishonest assistance and unjust enrichment affecting the payment services sector;
• the new government’s policy plans to tackle fraud including a plan to force tech giants to compensate online fraud victims;
• the likely impact of these measures on the payments sector and the battle against fraud.

Date: Thursday 26 September
 
Time: 5.45pm - 8.30pm 

For more information, and to register, please contact Vicki.Cozens@penningtonslaw.com 

Speakers

Michael Brown

Partner
+44 (0)20 7457 3043|
Email Michael

Sarah Kenshall

Partner
+44 (0)20 7753 7721|
Email Sarah

Teja Picton-Howell

Consultant
+44 (0)20 7457 3002|
Email Teja