March 29, 2025, 9:31 am | Read time: 4 minutes
Bank transfers are a central component of payment transactions — and, unfortunately, also an attractive target for criminals. However, it is not only targeted transfer fraud that can deprive consumers of large sums of money. Carelessness also often plays a role when money is inadvertently transferred to the wrong place. Find out from TECHBOOK what measures you can take to make your transfers more secure.
The irrevocability of a payment order is regulated in the German Civil Code (BGB). Accordingly, a payment order can no longer be revoked once the payer has authorized the transfer via a payment initiation service provider or directly to the payee. A small mistake, such as a transposed number in the IBAN, can, therefore, have expensive consequences. There are also many scams in which victims unknowingly transfer money to criminals.
Overview
Bank Transfer Fraud Is Commonplace
Bank transfer fraud is not a new phenomenon. Fraudsters can also use paper transfers for their own purposes. All they need is the victim’s name and bank details (IBAN, BIC). With an — often forged — signature, payments can easily be made to a desired account.
With the digitalization of payment transactions, the methods used by criminals have also evolved. Online banking and mobile payment offer users convenience — and also make it very easy for criminals to get rich. Companies are particularly at risk: According to a study by Allianz Trade, around 70% of European companies were affected by bank transfer fraud in 2019. The coronavirus pandemic is said to have given the trend a further boost.
Private individuals are also increasingly being targeted by manipulated payment requests. These usually reach those affected via phishing, i.e., via emails or text messages with supposed invoices from allegedly reputable companies. Either fake payment information is sent, or the messages contain links that lead to a fake bank transfer slip or infect the recipient with malware.
Beware of APP Fraud
APP fraud is a form of bank transfer fraud in which criminals use a pretext ± such as an alleged security warning — to trick their victims into transferring money.
The Saxony-Anhalt police recently published an example of this type of fraud. A woman from Halle received a text message asking her to update her TAN procedure. Shortly afterward, a supposed bank employee contacted her by telephone and had her authorize several “test transfers.” The loss amounted to several hundred euros — a chargeback was no longer possible.
How to Protect Yourself from Bank Transfer Fraud
In this article, TECHBOOK explains in detail how to recognize phishing. Some of these tips will also help you avoid bank transfer fraud — such as the recommendation to check unusual payment requests carefully. It is important not to react hastily. Take time to question the source of the invoice and verify the alleged claim for payment.
You can find out what you need to bear in mind to protect yourself against bank transfer fraud here.
Safe Storage of Your Account Data
Bank data should be stored securely, both physically and digitally. Use secure passwords and protect them by using password managers.
Check the Details in the Payment Request
In general, you should look out for possible discrepancies. If the supposed recipient of the payment is an organization or supplier you know, compare the bank details with those of previous payments. If you are informed by a (false) company that the bank details have changed, contact customer service to verify these changes.
Take Special Care with (International) Bank Transfers
It is important to ensure that all data is correct before confirming a transfer, especially the IBAN, to avoid errors. An incorrect recipient can lead to problems that cannot be reversed in case of doubt.
Also, be vigilant against fraud, which is often carried out via foreign accounts. Look out for spelling mistakes, suspicious domain names, and unwanted attachments that could indicate possible fraud.
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What Victims of Bank Transfer Fraud Should Do
As already explained, confirmed bank transfers in the SEPA area are generally irrevocable. However, in exceptional cases, a chargeback can be requested if the account holder acts quickly. However, the recipient bank is not obliged to agree to a chargeback. If errors or fraud are suspected, the bank should be informed immediately. In the event of fraud, it is also advisable to file a complaint with the police.