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But with 20 banks now signed up covering 99% of UK current account holders it's a useful tool in the fight against fraud.

The FIC has called for what it describes as a National Inclusion Strategy to help people struggling with debts, and to give people support to access basics like a current account.

The UK had elevated debt levels, substantial borrowing and a current account deficit, meaning it imports more than it exports, which left it more vulnerable than the euro area or the US over borrowing pressures.

It analysed its own fraud figures, and made the estimate about fraud suffered by customers of all banks based on Lloyd's market share - it has about a fifth of UK current accounts.

Coventry Building Society said it would benefit from having more customers, mortgage and savings balances, a wider set of finance products including current accounts, and more branches spread across the country.