On January 9, 2025, instant transfers will be free for individuals and businesses, following a review of European regulations. Except that this approach involves risks: it is impossible to recall the funds.
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Instant transfer prevents funds from being returned
When you make a traditional transfer, it is possible to cancel it within a few hours by quickly contacting your bank. This is not the case with instant transfers. As the Banque de France specifies, an instant SEPA transfer cannot be canceled due to its irrevocable nature.
In July 2024, Clément Bourgeois, expert at the Banque de France, already warned about this weak point during an interview with Signal-Arnaques: “The immediacy of payments requires additional security”. In the event of an instant transfer to a fraudulent account, particularly as part of a scam, the recall of funds is impossible since the money is transferred immediately.
Signal-Arnaques therefore recommends limiting instant transfers to relatives and usual accounts. Vigilance is all the more required as your bank has no obligation to reimburse in the event of a scam or RIB error, beyond the fraudulent context.
The Banque de France also specifies that the liability of the banking establishment is only incurred in the event of an entry error or technical problem caused by it.
If you still make an instant transfer as part of an online scam, the only option offered by banks is to provide you with information to support possible legal action on your part to recover the funds.
France
