BNP Says It Did All It Could In Biscuit Co.'s $2M Phishing Case

Law360, London (October 8, 2020, 7:18 PM BST) -- BNP Paribas has told the High Court it followed its internal authentication processes properly and could not have done more to prevent a fraudster from using a phishing scam to steal $2 million from its client, a British company behind several industrial bakeries.

The French investment bank said its instruction management team correctly checked the authenticity of a $2 million payment from Associated Biscuits International Ltd. to an HSBC account in Hong Kong in September 2019. The company has said the transaction was fraudulent and sued BNP Paribas in the High Court in July for failing to stop the bogus transfer...

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