IBAN transfer errors and banking credit risks in Turkey

Financial experts and regulators are highlighting the risks associated with incorrect IBAN transfers via mobile and internet banking. Due to the high frequency of these transactions, thousands of errors involving incorrect account numbers or recipient names occur daily.

When a transfer is made to the wrong account, funds are not automatically returned. Senders are advised to contact their banks immediately to initiate a recall process through the recipient's bank; however, banks cannot unilaterally withdraw funds from a recipient's account without consent. In cases where banking mediation fails, senders may pursue legal action based on unjust enrichment laws. For such proceedings, maintaining transaction receipts and documentation is essential for use as evidence in court. Additionally, there is an increasing warning regarding fraud attempts using IBAN details, necessitating extra caution when receiving transfer information via phone, SMS, or social media.

Recent developments in the Turkish banking sector indicate that these transfer behaviors are now being monitored by advanced automated credit evaluation algorithms. These new systems analyze credit card statements and account movements in detail to assess risk. Even consumers with high credit scores may face loan rejections if their spending patterns trigger flags. Specific behaviors that can lead to automatic rejection include making payments for gambling or betting platforms, maintaining significant discrepancies between declared income and monthly spending, or performing frequent IBAN transfers without providing descriptions.