From kennedyslaw.com: ‘According to the Australian Banking Association, 250,000 cases of misdirected bank payment fraud cost Australian businesses an estimated A$320 million last year.’

The court case Mobius v Inoteq yields significant insights on liability in bank payment fraud, emphasizing the importance of due diligence, especially telephone verification, in preventing such incidents.

With its ruling, the court clarified the limits of liability, rejected the imposition of a duty of care concerning email security, and underscored the role of verification in mitigating fraud risks.