I have commented on "push payment" scams here
This is where you are duped into transferring money into an account owned by fraudsters all the while you believe you are sending money to your solicitors or accountants or some such.
This is now believed to be the second most popular form of fraud though it's hard to come by this data.
This is what I then wrote:
How is it possible that Lloyds paid such a huge sum of money intended for Steed and Steed to an account in the name of Graceak UK? Incredibly, its because of a little-known but significant flaw in the banking system – the name on a bank account does not have to match an online or Chaps payment request.
So the Banks are not on the hook. This contrasts sharply with debit / credit cards where Banks do carry liability.
I am delighted to say that action is now being taken it seems on two fronts.
The Payment Systems Regulator is considering a victim compensation scheme. There are some conditions attached so worth a read of the article below.
However, the big change is to compel Banks to cross reference the account number against the name of the payee.
This is not likely to be implemented until 2021.
I am surprised it should take this long. It is a relatively quick win for Banks, surely, and will go along way to improving Bank / customer relations. It will also strongly mitigate against this type of fraud.
However a scheme to track down and recover funds may take two to three years to put in place.