Fraud and financial crime make up nearly half of all crime.  Fraud is both a criminal offence and a civil claim.  

The banks should be doing all they can to prevent and identify fraud.

Next year will see the introduction of confirmation of payee, i.e. a person having to confirm the identity of the payee.  However this may not necessarily stop that much fraud as with fraud often there is an intention to send money to a payeee.  Confirmation of payee will merely reduce cases of mistaken payment.  It is envisaged that banks will begin implementing confirmation of payees next year with full compliance by 2021.

It is a positive step from the banks, hopefully the first of many.