Friction does matter. Yes, criminals will create fake accounts with stolen IDs and stolen credit cards. But creating 1,000s of these is hard. Creating polymorphic banking trojans is simple.

I don't know if this trade off is worth it, but the idea that it won't affect this abuse at all is false.

If you can convince someone over the phone to install malware thru a million "don't do this" screens, you can convince them to just give you their login credentials. Which is both easier, cheaper, and, I imagine, more effective.