Cybercrime usually catches investors unprepared. We support injured investors with our legal expertise.
Bank liability for crypto fraud: When can banks be held liable?
More and more investors are investing in cryptocurrencies - often via supposedly reputable trading platforms. Unfortunately, however, cases of fraud are on the rise: Those affected are confronted with fake portals or "crypto experts" who promise high profits and ultimately make the money disappear. Payments are often processed via bank transfers. In these cases, the question arises: can banks be held liable if they make transfers to fraudulent crypto platforms or foreign accounts?
When can a bank be liable?
The legal situation is complex, but investors should be aware of the following constellations:
Banks are generally obliged to check suspicious transactions. If a transfer is made abroad to a fraudulent account - especially in the case of very high amounts, unusual payees or multiple warning signals
- liability may arise if the bank does nothing despite recognisable warning signs.
Example: A bank transfer to a British company with the subject "Bitcoin Invest", without a customer reference or understanding being documented, could trigger a duty of disclosure on the part of the bank and oblige the bank to pay compensation. In phishing cases in particular, we have been able to obtain compensation in court for many of our clients.
For example, if bank employees knew or should have known of the fraudulent nature of a recipient (e.g. through internal warning systems or ongoing investigations), the bank may be liable for breach of duty to provide advice. Foreign banks and trading platforms are also often liable for damages. Cybercrime insurance policies may also be liable. We will be happy to check this for you.
If fraud is reported by the customer - especially shortly after the transfer - the bank must immediately attempt to recall the payment. If this recall is not made or is made too late, this may also result in an obligation to pay compensation.
Objective: Access to private keys or seed phrases.
Procedure: Fake e-mails or websites request sensitive wallet information.
Warning signs: Urgency, suspicious URLs, spelling mistakes.
Objective: To take deposits without the possibility of withdrawal.
Procedure: Users register on fake platforms and lose access to their credit.
Warning sign: No app in the official store, no imprint.
Goal: Users send crypto in anticipation of a larger repayment.
Procedure: Fraudsters promise high rewards for small deposits.
Warning signs: Unrealistic promises, fake identities.
Objective: To encourage users to make more and more deposits.
Procedure: Platform shows false winnings, payout only against additional fees.
Warning sign: No regulatory notice, no support.
Objective: Money transfers using falsified instructions from superiors.
Procedure: E-mail address is imitated or taken over, with transfer order.
Warning signs: language differences, slightly different e-mail addresses.
Objective: To gain access to the system or obtain payment.
Procedure: Pop-ups or calls with warnings about alleged viruses.
Warning sign: Request for remote maintenance or software installation.
Objective: Upfront costs or money laundering via victims.
Procedure: Lure offers with high wages, upfront fees for equipment.
Warning signs: No verification of the company, unrealistic conditions.
- Be suspicious of unrealistic promises of profit.
- Never pass on private keys or recovery phrases.
- Always use HTTPS addresses.
- Keep security software up to date.
- Activate two-factor authentication (2FA).
- Always scrutinise external contacts.
- IIn case of suspicion: secure wallets, contact a specialised law firm, Press charges.
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