Hi there,
Trying to keep it short, I had my email address hacked earlier this year. The fraudsters found a link between me and my FA, emailed my FA and asked them to release £10k from my ISA to a new bank account (theirs). FA instructed ISA platform company to do so and to change the nominated bank account details they have on file. This required a signature which the fraudsters supplied. Not only was it a poor fake, it was the wrong name! It passed both the FA's and the ISA co.'s offices and the funds were transferred. The fraud was only picked up when the changed bank account request went to the pensions team of the investment platform (both accounts held via the same platform). Someone in their team flagged it up.
There has been "an offer" to me and an admission of what happened (but no admission of liability) but I want to know what case there could be for negligence for accepting a wrong name as a signature. I can't find any legal precedent. I want to make sure that sleepy FAs and dumb investment companies wake up to this kind of fraud so this doesn't happen again. We know that emails can be hacked and it cannot be the situation that the security of one's life savings hangs on one signature.
Thank you
Trying to keep it short, I had my email address hacked earlier this year. The fraudsters found a link between me and my FA, emailed my FA and asked them to release £10k from my ISA to a new bank account (theirs). FA instructed ISA platform company to do so and to change the nominated bank account details they have on file. This required a signature which the fraudsters supplied. Not only was it a poor fake, it was the wrong name! It passed both the FA's and the ISA co.'s offices and the funds were transferred. The fraud was only picked up when the changed bank account request went to the pensions team of the investment platform (both accounts held via the same platform). Someone in their team flagged it up.
There has been "an offer" to me and an admission of what happened (but no admission of liability) but I want to know what case there could be for negligence for accepting a wrong name as a signature. I can't find any legal precedent. I want to make sure that sleepy FAs and dumb investment companies wake up to this kind of fraud so this doesn't happen again. We know that emails can be hacked and it cannot be the situation that the security of one's life savings hangs on one signature.
Thank you