Comment by rwmj

In the UK, HSBC is definitely on the hook: https://www.bbc.co.uk/news/articles/cy94vz4zd7zo

This is both good and bad. It's good because fraud is rife and the banks had little incentive to do anything about it. It took them absolutely years of foot-dragging to add a system that verifies the name of the destination account holder when you transfer money between accounts. It's bad because the reason fraud is rampant is that the police do nothing about it. It's the crime you can get away with. The government saw the easy way out: rather than organizing and funding the police sufficiently, let the banks deal with it.