A married couple duped by a fraudster into sending £700,000 ($952,665) of their savings to unknown accounts in the UAE have lost a legal battle against their bank.
UK lender Barclays successfully argued that it was not responsible for the loss of the money after the pair made two transfers, falling victim to the “sophisticated and malicious” swindle out of a mistaken belief that they were helping a fraud investigation.
Fiona Philipp, a music teacher, said the bank should have identified that the transfers of £400,000 and £300,000 were suspicious and alerted her to a potential fraud or halted the payments, which
had “financially devastating” consequences.