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How to respond to online banking fraud

Sophia Purkis and Lisa Serrant advise solicitors on the steps clients should take to recover stolen money, particularly where the bank refuses to make a refund

4 May 2016

Online banking fraud
is becoming more sophisticated, causing large losses to individuals and companies. Unsurprisingly,
the number of cases against banks involving online fraud is increasing.

In March, Sir Bernard Hogan-Howe, head of London's Metropolitan police, suggested banks should not fully refund victims of fraud who have not protected themselves. While not universally well received, his remarks are a reminder that there is no guarantee of a bank refund. So, if this is not forthcoming,
what steps can be taken to recover money?

Initial response

It is vital to act quickly. Money may disappear at a frightening speed, not only from the client's account but also from recipient accounts.

The duty to notify the bank immediately is long established and probably also required under...

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