Jurisdiction(s):
United Kingdom

Revolut APP fraud litigation: High Court limits receiving-bank duties, permits unjust enrichment claim to trial, and foreshadows the UK’s October 2024 mandatory reimbursement regime

Published on: 29 August 2024

Published by a Law360 reporter

Legal News

Article summary

Accordingly, the steady flow of APP fraud disputes reaching the courts is unlikely to abate in the near future. Against that wider backdrop, and with the arrival of the long-awaited mandatory reimbursement requirements, might the judicial handling and treatment of APP fraud claims settle into greater consistency? In Larsson v Revolut Ltd [2024] EWHC 1287 (CH), the claimant—an APP fraud victim—then brought civil proceedings against Revolut, an electronic money institution. They asserted that fraudsters duped them into transferring funds to five Revolut accounts, which the fraudsters had said were opened in the claimant’s own name at the time. Thereafter, believing, mistakenly, that they were buying shares in a company, the claimant sent money to those accounts. The accounts were not, however, in fact, in the claimant’s name, and the funds were rapidly moved on by the fraudsters. The claimant contended that Revolut should ultimately bear responsibility for the resultant financial loss. It was further alleged that Revolut had breached its contract with the claimant as well. Specifically, the claimant said Revolut failed to exercise reasonable skill and care by not adequately detecting, mitigating, or otherwise preventing the fraud...

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