Bank Customers Warned About IBAN Transfer Mistakes

IBAN transfers via mobile and internet banking are among the most frequently used financial operations. Experts caution that a simple error—such as entering an incomplete or incorrect IBAN, or failing to verify the recipient’s name—can result in funds being sent to the wrong account.

Money sent to an incorrect IBAN is not automatically returned to the sender’s account. If the mistake is discovered, the sender must promptly contact their bank, which can then liaise with the recipient’s bank to initiate a recall. The success of the recall depends on the status of the receiving account and the applicable procedures. When bank mediation fails, the sender may pursue legal action, requiring preservation of transaction receipts and documentation.

Recent increases in fraud attempts using IBAN details have led experts to advise extra caution: verify IBAN information received via phone, SMS, or social media before sending money, and only use trusted sources. A final check of the IBAN number, recipient’s full name, and transfer amount before confirming the transaction is essential to avoid loss.