Make the receiving bank liable for funds obtained through fraud

• Petition
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Petition Action

Make the receiving bank liable for funds obtained through fraud

Petition Details

In a market where we seem to have an ever increasing number of fraudulent requests for money; individuals and businesses are making payments believing the recipient to be genuine, The bank receiving that money should be liable as they should have conducted adequate checks on their customer.

Additional Information

When opening a bank account either personally or as a business that bank makes extensive checks. As a result it is the bank holding that account that is in the best position to know the conduct of its customer. If that account is used for money received by inappropriate activities the bank should be liable to make good any third party losses with first recourse to the funds held in their customers account.

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