Abstract The authors wrote a memorandum to the UK Treasury Committee, House of Commons in January 2011 on the topic of banking and fraud. The methods used by thieves to steal from the customers of banks have increased, and in September 2016, the UK consumer magazine Which? made a super-complaint to the Payment Systems Regulator to (i) formally investigate the scale of bank-transfer fraud and how much it is costing consumers to take action, and (ii) propose new measures and greater liability for banks to ensure consumers are better protected when they have been tricked into making a bank transfer. This comment replicates the Memorandum submitted to the Treasury Committee on the basis of having our observations put on the record. The references have been updated and citations added. Apart from the increased variety of methods used by thieves to steal money, the remarks we made in 2011 remain true today.