The instant transfers, thanks to the possibility of transferring money in real time, have become a practical payment tool, supporting themselves with credit cards and digital wallets. Money can be sent at any time, 24 hours a day, even on holidays, and is immediately available on the beneficiary’s account.
However, this speed involves risks: the main is the exposure of users to online fraud.
The risks of instant transfers
Once the operation is completed, the transferred money can no longer be recovered. The danger has been repeatedly underlined by experts in the sector, including cyber security professionals and prosecutors, as well as by a recent report from the Bank of Italy, which highlighted the spread of the so -called fraud “by manipulation of the payer” between those who make wire transfers. To reduce these risks, new European rules will come into force from 9 October aimed at making instant transfers safer.
The scams to be careful
By carrying out instant transfers, users must mainly consider two risks. The first is to run into scams or irreparable errors: once the funds are transferred, the only possibility of recovering them is the collaboration of the recipient, which is unlikely if it is a scammer. The second concerns the absence of a preventive control: the speed of the operation leaves no room for reflections or checks, making it difficult to notice any errors or confirm the correctness of the payment before it is completed.
Phishing, spoofing and social engineering are among the main tools used by criminals to make online scams. With phishing and spoofing, the scammers break through banks, companies or trusted people, inducing the victim to provide sensitive data or make wire transfers on accounts attributable to them.
Social engineering, however, exploits the psychological lever of urgency: sowing fear or anxiety, convinces the victim to complete the operation without reflecting.
In recent times, the so -called false accident fraud has also been spreading. In this case, the scammer pretends to be a family member or a lawyer and says that a loved one was involved in an accident, requesting an immediate transfer to avoid serious legal consequences. Once the instant bank transfer is performed, the money is permanently lost.
How to defend yourself
To avoid falling into scams, it is essential that the user is fully aware of the operation he is about to carry out. Before each bank transfer, it is essential to verify the identity of the recipient and carefully control the IBAN: even one incorrect character can bring the money to another person. Furthermore, it is important not to be conditioned by those who insist on the need to act quickly: haste is always a bad adviser.
The news coming
Starting from 9 October 2025 new European rules on instant transfers will enter into force, with the aim of increasing their safety. Among the main innovations is the obligation, for banks and other qualified entities, to check the credentials and the beneficiary’s IBAN before completing the operation.
This is the “verification of payee” (Vop), that is, the verification of the beneficiary, designed to minimize users’ errors and prevent fraud. Every time an instant bank transfer is arranged, the bank will have to inform the customer if the data entered correspond to those of the beneficiary. In case of partial correspondence or impossibility of verification, the customer will be notified. In addition, the bank must report whether the recipient account is closed or blocked for technical reasons.
