Online fraud has been on the rise for many years. The advent of lockdown and over a year of working from home has seen the volume of attacks increase by one third, bringing more opportunities for fraudsters to exploit security systems. In most cases, recovery from the fraudsters themselves is impossible.
We have recently focused on the potential for the tough economic road out of the pandemic to increase the volume of professional negligence claims. We now have a very timely decision from the Supreme Court attempting to clarify the legal basis for quantifying loss in such claims.
On June 26, the Financial Conduct Authority (‘FCA’) issued a consumer warning against the world’s largest cryptocurrency exchange, Binance, effectively preventing the exchange from conducting any form of regulated financial activity in the UK. As such, individuals who trade on the platform (and most similar platforms) will not be entitled to access the Financial Ombudsman Service or the Financial Services Compensation Scheme should something go wrong with their investment.
In one of the most exciting developments in recent years in the field of civil litigation in Scotland, the Court of Session is now accepting group litigations under rules recently introduced.
Online fraud has been on the rise for many years, and solicitors, with transactional money passing through their accounts, are an obvious target. The pace of attacks has quickened in the past year with the majority of solicitors now working from home. The most obvious culprits, the fraudsters themselves, are usually beyond reach, their cash safely withdrawn or transferred to a jurisdiction where the money cannot be traced. So, who else is there to blame?
