Re: There's a bit of commonality here - email
Thats actually how the system works by default. The receiving bank has the option to refuse the transaction if the data is not valid. The issue is that banks have given up on blocking payments if the names don't match because sheeple can't spell something without errors.
For example a payment to "Honest Bob's Solicitors" would fail if the customer writes "Honest Bob's Company" or "Honest Bobs Solicitors","I DONT KNOW"or "THE COMPANY I BOUGHT THAT STUFF FROM"
As someone who did customer service for a bank once, you'll have no idea how sloppy people are with bank transfers. One of the biggest call reasons are people who call that they accidently entered the wrong bank account details and now need to change it, DESPITE 3 SEPERATE PROMPTS IN LARGE LETTERS TO CHECK THE DETAILS BEFORE PRESSING SUBMIT and a warning that they can't reverse it afterwards.
My entire family and I never created a transaction to the wrong person by accident. Some of the customers called about once every few weeks about a "accident".
And by the way, just sending the money to a wrong or fraudulent account doesn't automatically mean the money is gone.
There is a legal system thats quite adept at getting your funds back, at least here in Germany it's worth it for amounts of 100€+ in Germany and about 2000€+ worldwide. But oh no, better complain to the bank.
Biting the hand that feeds IT
