Catastrophic fraud loss lies where it falls? Push payment scams and the bank’s duty of care to its customer

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Judith Dahlgreen
Keyword(s):  
Design Methodology ◽  
Common Law ◽  
Duty Of Care ◽  
Content Type ◽  
Payment Methods ◽  
The Common

Purpose This paper aims to examine the legal redress available to a UK bank customer who has been the victim of a sophisticated push payment scam which made use of the bank’s customer facing payment portal. Design/methodology/approach A detailed study was done of the experience of a single UK bank customer who was the victim of a push payment scam in Autumn 2020. Her circumstances are typical of other customers who have been similarly scammed. Her rights of redress are explored in depth in relation to law and an industry code. Findings The industry code provides no reliable means of adjudication and redress. The common law of negligence has not adapted to the technological shift in bank payment methods currently used by customers. The duty of care is inadequate in safeguarding customer interests in relation to payment instructions to banks. Customers are bearing the loss associated with inadequate bank transaction analytics. Originality/value This research casts a unique light on the unbalanced relationship now existing between the bank and its customer in relation to the execution of remote payment instructions.

Liability in negligence for building defects in Ireland, England and Australia

2017 ◽  
Vol 9 (3) ◽  
pp. 178-192
Author(s):  
Deirdre Ní Fhloinn
Keyword(s):  
Design Methodology ◽  
Common Law ◽  
Economic Loss ◽  
Legal Environment ◽  
England And Wales ◽  
Content Type ◽  
The Common ◽  
The Cross

Purpose The purpose of this paper is to consider decisions of the courts of three jurisdictions: Ireland; England and Wales; and Australia, in relation to recovery of economic loss in negligence for building defects and to identify the extent to which the legal environment of each jurisdiction has informed the approach of the courts to the issue. Design/methodology/approach The approach taken for this purpose is to review the extent of legislative intervention in each jurisdiction to provide measures of protection for home buyers, and whether that intervention has limited the scope of what may be recovered in negligence for defects. Findings The findings of the research indicate that the retreat from recovery for defects, led by the courts of England and Wales through a series of cases in the 1980s and 1990s, may be regarded in part as a product of their environment, and that legislative intervention in the area of remedies acted as a limitation on the scope of the duties that the courts were prepared to impose. Originality/value Although the issue of recovery for building defects in negligence has been covered extensively in the literature and jurisprudence, the cross-referencing of the common law position with the legislative context in the jurisdictions considered provides insights into the approaches of courts and why the position of the courts of England and Wales may not transpose comfortably to other jurisdictions.

The King Reports and the common law in South Africa

2020 ◽  
Vol 11 (2) ◽  
pp. 167-172
Author(s):  
J. Michael Judin
Keyword(s):  
South Africa ◽  
Design Methodology ◽  
Common Law ◽  
Bill Of Rights ◽  
Content Type ◽  
The Supreme Court ◽  
Task Team ◽  
The Common ◽  
Court Of Appeal

Purpose This paper aims to discuss the King Reports and Codes and the development of South Africa’s common law. The role of developing the common law is explicitly recognised in the Constitution, as is the obligation to give effect to the spirit, purport and objects of the Bill of Rights. With decisions of the Supreme Court of Appeal being based on the King Code, the King Code is now an integral part of South Africa’s common law. Design/methodology/approach When the task team drafting King IV commenced their work, one of the important issues raised with Mervyn King, as Chairman, was the challenge to ensure that King IV was aligned to the now firmly entrenched common law principles taken from King I, King II and King III. It is believed that this has been achieved and it is hoped that King IV (and the subsequent King Reports that will inevitably follow because the corporate milieu keeps changing) continues to enrich South Africa’s common law. Findings The King Reports and Codes have been made part of South Africa’s common law. Originality/value This paper fulfils an identified need to study the King Report and Code, as it relates to South Africa’s common law.

The pursuit of illicit proceeds: from historical origins to modern applications

2014 ◽  
Vol 17 (3) ◽  
pp. 269-280 ◽  
Author(s):  
Robert G. Kroeker
Keyword(s):  
Criminal Law ◽  
Design Methodology ◽  
Common Law ◽  
Effective Response ◽  
Content Type ◽  
Modern Times ◽  
Beneficial Ownership ◽  
The Common ◽  
Asset Forfeiture ◽  
Historical Origins

Purpose – The purpose of the paper is to trace the historical foundations of forfeiture from antiquity to its migration into early criminal law statutes. From there the discussion turns to gaps in the law that gained recognition with the emergence of globalized economies and the development of technologies that allowed illicit wealth to be moved transnationally with ease and stealth. The balance of the paper will give an overview of the countermeasures taken in response to these gaps. The paper concludes with comment on the recent spread of non-conviction-based asset forfeiture laws and the practical use to which these laws can be put in relation to the tracing, seizing and forfeiture of illicitly acquired wealth. Design/methodology/approach – The paper opted for a historical legal review of the development of forfeiture laws in common law jurisdictions. Findings – The paper traces the development of the origins of forfeiture in the common law. It lays out the original compensatory objectives of forfeiture and its eventual migration into the criminal law. The paper describes how non-conviction-based asset forfeiture has evolved in modern times as a response to gaps in the criminal law that have been exposed by the pernicious aspects of globalized economies and the ease with which electronic intangible assets can be moved and beneficial ownership obscured. Originality/value – This paper provides an overview of the origins of forfeiture law and traces the use and adaptation of that law as an emerging and effective response to transnational money laundering.

Article 786 of the Jordanian civil code: a potential gold mine for employers and a potential minefield for contractors

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Haitham A. Haloush ◽  
Ahmad Abed Alla Alhusban ◽  
Ali Abdel Mahdi Massadeh
Keyword(s):  
Design Methodology ◽  
Common Law ◽  
Civil Code ◽  
Content Type ◽  
Legal Principles ◽  
Secondary Sources ◽  
Interpretive Paradigm ◽  
Library Research ◽  
The Common ◽  
Penalty Clauses

Purpose This paper aims to highlight how the prevention principle may affect the rights and responsibilities of contractors under Jordanian law. In many instances, the application of legal theories and terminology of the Jordanian civil code (JCC), such as penalty clauses and produces a similar result to that under common law, such as prevention principle, and even if in some cases the route by which the result is reached differs. Design/methodology/approach This paper is based upon library research on primary and secondary sources. The author adopted the interpretive paradigm with its underlying subjectivist assumption. This paradigm creates different meanings and therefore different realities. This is particularly evident when studying legal notions, such as parties’ autonomy and decennial liability, from a comparative law perspective. Findings In many instances, the application of legal theories and terminology of the JCC, such as penalty clauses and produces a similar result to that under common law, such as the prevention principle, and even if in some cases the route by which the result is reached differs. However, it is difficult for judges and lawyers in Jordan to understand the legal principles of certain terms in the common law. This requires, to a certain extent, an understanding of the legal terms and concepts, particularly those originated from English law. For example, a thorough grasp of the prevention principle in Jordanian law remains unclear. Apparently, this can be met by training and capacity building sessions. Originality/value As far as the author is aware, this issue has not been researched comprehensively before from technical and legal standpoints. This paper represents the first attempt to examine the issues arising in this difficult and important subject.

Unveiling the myths of M&A integration: challenging general management and consulting practice

2015 ◽  
Vol 36 (2) ◽  
pp. 16-24 ◽  
Author(s):  
Florian Bauer ◽  
Julia Hautz ◽  
Kurt Matzler
Keyword(s):  
Design Methodology ◽  
Research Management ◽  
Integration Process ◽  
Senior Managers ◽  
Content Type ◽  
Corporate Development ◽  
General Management ◽  
Quantitative Studies ◽  
The Common ◽  
Successful Integration

Purpose – The purpose of this paper is to detect and challenge generally accepted management and consulting practice in Mergers & Acquisitions (M&As). M&As have been an important issue in strategic management and corporate development for decades. The integration process of two separate entities has been found to be of importance, and has, accordingly, received a significant amount of attention by research, management and consulting literature. Based on these insights, managers tend to rely on well-established and generally accepted rules developed by practice and consultants that should support a successful integration process and the generation of value. Nonetheless, M&As’ efforts still often fail to create value. So is the common practice of the established drivers and beneficial consequences of the integration of M&As right, or do the experiences of consultants, companies and managers reveal something different? Design/methodology/approach – To understand these challenges, the authors spent four years studying M&A projects and subsequent integration processes of more than 400 companies that engaged in M&A efforts. The data derived from four survey-based quantitative studies among more than 430 CEOs, CFOs and other senior managers in the field of M&As and personal interviews that were conducted to get in-depth insights. Findings – This extensive research on the efforts and projects of M&As over many years and including many companies reveals that successful integration processes are complex, social and culturally dependent endeavors and that the application of commonly accepted and established principles oversimplifies and disregards the interdependencies. Originality/value – The present paper unveils four established principles concerning the successful integration after M&As as tenacious myths and provides more differentiated insights into value-destroying and value-creating mechanisms in M&As.

Volatility discovery in cryptocurrency markets

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Thomas Dimpfl ◽  
Dalia Elshiaty
Keyword(s):  
Design Methodology ◽  
Stochastic Volatility Model ◽  
Discrete Version ◽  
Data Series ◽  
Content Type ◽  
Vector Autoregressive ◽  
Volatility Model ◽  
Information Shares ◽  
The Common ◽  
To Come

PurposeCryptocurrency markets are notoriously noisy, but not all markets might behave in the exact same way. Therefore, the aim of this paper is to investigate which one of the cryptocurrency markets contributes the most to the common volatility component inherent in the market.Design/methodology/approachThe paper extracts each of the cryptocurrency's markets' latent volatility using a stochastic volatility model and, subsequently, models their dynamics in a fractionally cointegrated vector autoregressive model. The authors use the refinement of Lien and Shrestha (2009, J. Futures Mark) to come up with unique Hasbrouck (1995, J. Finance) information shares.FindingsThe authors’ findings indicate that Bitfinex is the leading market for Bitcoin and Ripple, while Bitstamp dominates for Ethereum and Litecoin. Based on the dominant market for each cryptocurrency, the authors find that the volatility of Bitcoin explains most of the volatility among the different cryptocurrencies.Research limitations/implicationsThe authors’ findings are limited by the availability of the cryptocurrency data. Apart from Bitcoin, the data series for the other cryptocurrencies are not long enough to ensure the precision of the authors’ estimates.Originality/valueTo date, only price discovery in cryptocurrencies has been studied and identified. This paper extends the current literature into the realm of volatility discovery. In addition, the authors propose a discrete version for the evolution of a markets fundamental volatility, extending the work of Dias et al. (2018).

Seeking transparency makes one blind: how to rethink disclosure, account for nature and make corporations sustainable

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Paolo Quattrone
Keyword(s):  
Social Inequality ◽  
Common Good ◽  
Design Methodology ◽  
Value Added ◽  
Institutional Arrangements ◽  
Content Type ◽  
Corporate Behavior ◽  
Income Statement ◽  
The Common ◽  
Human Actors

PurposeFinancial and nonfinancial disclosures are still anchored to conventional notions of transparency, whereby corporations “push” information out to various stakeholders. Such information is now “pulled” from various sources and addresses aspects of corporate behavior that go well beyond those envisioned by the disclosure framework. This shift makes notions of values, measurement and accountability more fragmented, complex and difficult. The paper aims to bring the accounting scholarly debate back to what and how transparency can be achieved especially in relation to issues of social inequality and sustainability.Design/methodology/approachAfter an analysis of the limitations of current approaches to disclosure, the paper proposes a shift toward normative policies that profit of years of critique of positivism.FindingsDrawing on the notion of value-added, the paper ends with a new income statement design, labeled as Value-Added Statement for Nature, which recognizes Nature as a further stakeholder and forces human stakeholders to give voice, or at least acknowledge the lack of voice, for non-human actors.Originality/valueThe author proposes a shift in the perspective, practice and institutional arrangements in which disclosure occurs. Measurement and transparency need to happen in communication exercises, which do not presuppose what needs to be made transparent once and for good but define procedures on how to make fragmented, complex, multiple and volatile notions of value transparent. Income statements and accounting more in general is to be reconceived as a platform where stakeholders will have to continuously negotiate what counts as the common good in the interest of all, including Nature.

scholarly journals Accounting for the messiness of the research process: the fieldpath approach

2018 ◽  
Vol 13 (4) ◽  
pp. 315-332 ◽  
Author(s):  
Perttu Salovaara
Keyword(s):  
Qualitative Research ◽  
Design Methodology ◽  
Research Process ◽  
Content Type ◽  
Environmental Consequences ◽  
Human Ethics ◽  
Conceptual Paper ◽  
The Common ◽  
Practical Implications

Purpose It has recently become more acknowledged that there is a quality of “messiness” to the qualitative research process. The purpose of this paper is to introduce the fieldpath approach—a hermeneutically inspired framework—to account for the non-linearity, uncertainty and ambiguity of the research process. Design/methodology/approach This conceptual paper reviews how the scope of hermeneutics has been partly misunderstood. The paper discusses how the scope of hermeneutics has lately been expanded by works such as Günter Figal’s (2010) Objectivity: The Hermeneutical and Philosophy. Findings The fieldpath approach proposes that a heightened relation to materiality enables the messiness of the process to be preserved, while at the same time offering a way to find one’s footing in the midst of ontologically incomplete phenomena that are still—in a processual fashion—forming and becoming. Research limitations/implications This is a conceptual paper. In addition to the research mentioned here, more studies would be needed to legitimise, test and refine the approach. Practical implications Objectivity provides an additional criterion for researchers to lean on when facing the non-linearity and unexpected turns inherent in the qualitative research process. Social implications The stress on materiality involves an ethical dimension. Post-human ethics are concerned with the future environmental consequences and sustainability of the material world. The way that matter matters in our methodologies is of primary importance. Originality/value First, the paper emphasises that hermeneutics, contrary to the common perception, does offer criteria for evaluating between interpretations. Second, it introduces the notion of hermeneutic objectivity, which stresses the importance of materiality for interpretations. Third, it introduces the fieldpath approach, which, based on the previous criterion of hermeneutic objectivity, allows for the messiness of the research process, while also preserving a tight grip on the hermeneutic imperative of “understanding in a new way”.

Cue-less consumers in factory outlet stores: reference price effects on consumer evaluations when semantic phrases are missing

2018 ◽  
Vol 27 (4) ◽  
pp. 415-426
Author(s):  
Jay P. Carlson ◽  
Larry D. Compeau
Keyword(s):  
Qualitative Study ◽  
Design Methodology ◽  
Consumer Evaluations ◽  
Content Type ◽  
Consumer Responses ◽  
Semantic Cues ◽  
Reference Prices ◽  
Price Effects ◽  
The Common ◽  
To Come

Purpose Prior research has demonstrated that reference prices can affect consumer responses, but the reference prices examined have been presented along with semantic cues [e.g. manufacturer’s suggested retail price (MSRP) and Compare At]. This study is unique in investigating the effects of reference prices that do not include a semantic cue (i.e. “cue-less”) on consumers’ responses. It also studies consumers’ beliefs about factory outlet stores, a seldom-studied store type in which cue-less reference prices are used. Design/methodology/approach One qualitative study and one experiment were carried out in this research. Findings The qualitative study revealed that a price tag including cue-less reference prices was unlikely to be viewed as a seller mistake or with suspicion, but nonetheless did confuse some respondents. The experiment demonstrated that while consumers find cue-less reference prices to be somewhat less believable that high MSRPs, these beliefs do not appear to come into play when consumers judge attractiveness (e.g. perceived value). Additionally, the results suggest that consumers believe that a product available for sale in a factory outlet store is likely to have been previously available at a different type of store. Originality/value This research advances the theory of the effects of reference prices on consumers’ responses by examining the common practice of not labeling reference prices with semantic cues. It also extends the literature regarding consumer beliefs about factory outlet stores.

5. Psychiatric injury

2019 ◽  
pp. 48-59
Author(s):  
Carol Brennan
Keyword(s):  
Common Law ◽  
Duty Of Care ◽  
Physical Injury ◽  
Control Mechanisms ◽  
The South ◽  
The Common ◽  
The Law

This chapter discusses the law on psychiatric injury. Psychiatric injury which is not derived from physical injury is a type of damage which is not always recoverable in negligence. It is an aspect of duty of care. The range of allowable actions has evolved through developments of control mechanisms in the common law, often policy based. The legal distinction between the primary and secondary victim is explored, as are more atypical situations. The four key cases are McLoughlin v O’Brian (1983), Alcock v Chief Constable of South Yorkshire Police (1991), Page v Smith (1995), and White v Chief Constable of the South Yorkshire Police (1999).

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