Re: So what happens to the money?
> I know we in the US personal banking world are in the Stone Age compared to Europe.
Nope, the whole banking industry world-wide is in the f*cking Stone Age. It's completely unacceptable that a mere number is used to identify the recipient.
For consumer transfers there should be a name at least, and the transfer rejected if the name doesn't match the account - at least then the fraudster has to try and create a name that tricks the person as well e.g "Mr. C. A. Shonly"
For business transfers over $1K there needs to be some sort of cryptographic handshake between payer and payee (the account holders, not the banks) to ensure identities are known. But, oh no, this might mean money could be traced - how will bankers survive when they can no longer launder money for 3rd world despots, sanctions busters and organised crime?