Crypto

Banks have a duty to monitor accounts for unusual activity and conduct proportionate checks when suspicious payments are identified, even though customers authorize payments.

Account holders are responsible for properly authorised transactions under the Payment Service Regulations (2017), and banks are not liable for payments to accounts in the customer's own name even if motivated by scam.

A payment is authorised where the evidence shows the account holder was aware of and consented to the transaction, even if they were subsequently victims of a scam.

A firm is only required to reimburse a consumer if wrongdoing by the firm caused the loss; proportionate fraud interventions do not guarantee prevention of loss if the consumer was not truthful and continued with the scam despite warnings.

Banks must monitor accounts for unusual transaction patterns and fraud risks, but the starting position is that liability for authorised payments rests with the payer even when duped, unless the bank failed to act on information that should

A payment service provider is not required to reimburse losses from fraud when the disputed activity was not sufficiently unusual or suspicious to alert it to a risk of financial harm at the time of processing.

A bank has a duty to make payments as instructed but may make fraud checks in some circumstances; however, it is not liable if the customer insists on proceeding despite appropriate warnings.

A bank cannot be held liable for payments claimed to be lost to scam without sufficient evidence substantiating that the payments were actually lost to that scam.