Computer fraud has greatly increased risks for Australian bansk
Frank M. Rees · Computer Fraud & Security · 1996
According to a major Australian law firm, Minter Ellison, “Computer fraud and electronic funds transfers have greatly increased the risks of banks making and receiving mistaken payments”, and banks must be aware of the risks of dealing with money received by mistake. If the mistake is genuine and action is taken promptly then the law will assist the bank making the mistaken payment, but it will not allow the recipient to be “unjustly enriched”. To illustrate these peinciples Minter Ellison cite the case of ANZ Banking Group Ltd v Westpac Banking Corp. (1988) in which ANZ mistakenly transferred A$100 000 electronically to a Westpac customer's account.