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Fraud Newsletter 65 March 2022

Fraud Newsletter No.65 March 2022 (11 downloads)

CASES

Banks duty of care extends to APP fraud: £700k “Authorised Push Payment” fraud: duty of care to make inquiries and refrain from paying promptly owed to customer deceived by fraudster: Phillip v Barclays Bank [2022] EWCA Civ 318. 

“Knowingly concerned” in contravention of s21(1) FSMA (restrictions on Financial promotion) requires knowledge of the factual circumstance that prevents a potentially relevant disapplication from operating: FCA v Ferreira [2022] EWCA Civ 397. 


SENTENCING AND CONFISCATION

Nothing of moment. 

BILLS, STATUTES & STATUTORY INSTRUMENTS

Government adds paid-for ads by scammers to Online Safety Bill: duty of care on search engines & platforms to protect users of services from fraud (e.g. catfishing romance scams and fake stock tips) committed by other users:  Ofcom to fine up to £18m or 10% annual turnover: Campaign: 9 Mar 22; DMCS 25 Feb 22 

Economic Crime (Enforcement and Transparency) Act 2022: register of overseas entities/beneficial owners: criminal penalties for non-compliance: UWOs amended: 14 Mar 22. 


CONSULTATIONS, GUIDANCE, CIRCULARS AND REPORTS

NEWS

FCA: 

Former Redcentric CFO sentenced to 5½ years after trial for false and misleading statements/ false accounting: 3 Mar 22    

Discontinuance of first prosecution for failing to comply with RIPA statutory notice 28 Feb 22 

SFO:  

Fallout Grows After Missteps in Unaoil Probe: 2nd conviction quashed: Wal St Journal: 24 Mar 22.  

Lisa Osofsky evidence to Justice Committee: 29 Mar 22 

The whistleblowing bankers who were sent to jail: BBC 1 Mar 22 re lowballing, LIBOR and EURIBOR and the Lowball tapes. 

HMRC: 

Caution urged as fraudsters seek to hijack personal tax accounts: 8 Mar 22. 

3 sentenced for roles in £6.1m money laundering scheme: 8 Mar 22. 

HOME: 

Number of UK ransomware attacks double in past year: RPC analysis of ICO data: 28 Mar 22. 

 Public Sector Fraud Authority established amid efforts to tackle government inefficiency: £48.8m funding over 3 years: Investment Week: 23 Mar 22 

Which? Money Fraud analysis of Action Fraud data: Nov 20 – Dec 21. 448,838 fraud reports – losses total £1.9Bn.  

Type                  Reports (000) / Av. loss) 

Online shopping 103k / £650 

Advance fee 36k / £1,296 

Shopping 24.8k / £2,692 

Computer fixing 19k / £1,448 

Other investment 15.6k / £24,089 

Dating 10.2k / £10,349 

Boiler room 7.5k / £24,887 

Rental 5k / £1,531 

Phone 4.9k / £252 

Pyramid / Ponzi 2.7k / 17,598 

419 advance fee 2.5k / £2,563 

 Boris Becker Trial: 24 counts under Insolvency Act: BBC News: 21 Mar 22 and 28 Mar 22. 

10.5m suspicious emails reported in 2 years: 76k online scams removed: NCSC: 18 Mar 22 

On the trail of Britain’s 400 fake banks: Companies House & not FCA registration: The Times: 12 Mar 22. 

Bank transfer fraud victims lose £28,000 an hour: “banks routinely rejecting refund claims unfairly” 9 Mar 22: Which? 

Lord Agnew questioned on COVID loan fraud: HoC Treasury Select C’tee: 8 Mar 22 and Transcripts of BEIS C’tee 15 Mar 22. 

UK’s most wanted woman … arrested in Spain: absconded from 2013 £1Bn mobile MTIC trial: BBC News: 2 Mar 22. 

£9.4m fine for online operator 888: social responsibility and ML failings: Gambling Com: 1 Mar 22  

EU & ABROAD: 

$140 Civil Penalty against USAA Federal Savings Bank for Violations of Bank Secrecy Act: wilful failure to implement and maintain an AML program: US Office of Strategic Coms: 17 Mar 22. 

Wirecard CEO & 2 others  arrested & charged in Germany with fraud: (inflating revenues) re collapse in 2020 owing £1.9Bn: The Times 15 Mar 22. 


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Volaw Trust Summary

Tony Shaw QC

These monthly Fraud Newsletters are a very succinct summary of fraud cases and matters which have occurred in the preceding four weeks. Their aim is let you check that you have missed nothing of importance. If you need more detail it can be obtained by using the hyperlinks. The newsletters are as opinion free as possible!

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