Table of contents
- The risks of instant bank transfers
- The main types of attacks on instant bank transfers
- How to protect yourself from instant transfer fraud
Instant bank transfers are an increasingly popular payment method, used by both individuals and businesses to send money in real time, 24/7.
However, while speed and convenience are their biggest strengths, they also represent a potential vulnerability. In this article, we will explore the risks associated with instant bank transfers, the most common types of attacks, and how to defend yourself from the main threats in the world of cyber security.
The risks of instant bank transfers
The introduction of instant bank transfers has transformed the way we move money, making transactions immediate.
However, this speed is also their biggest weakness: once the transaction is confirmed, it cannot be reversed. If you fall victim to a scam, it is almost impossible to recover the money.
The most common risks involve online fraud, phishing, spoofing, and social engineering, tactics designed to trick users into transferring money to accounts controlled by criminals. Unlike traditional bank transfers, the speed of the operation leaves no time to verify or block the payment.
The main types of attacks on instant bank transfers
Phishing: the most common scam
Phishing is one of the easiest and most effective ways cybercriminals use to trick users into making an instant bank transfer.
The victim receives an email, SMS, or message that looks like it’s from their bank or a trusted provider. The message often creates a sense of urgency: “Your account has been suspended. Please make an instant transfer to verify your identity.”
Example
A user receives an email seemingly from their bank:
“Dear customer, we detected suspicious activity on your account. To unblock it, please send a €1 instant transfer to the following IBAN. The amount will be immediately refunded.”
The link leads to a perfect clone of the bank’s website.
Sample phishing email generator:
python
CopiaModifica
from faker import Faker
fake = Faker()
def generate_phishing_email():
email = f"""
Subject: Urgent account verification
Dear {fake.name()},
We have detected unauthorized access to your account.
Please make an instant bank transfer to this IBAN:
IT60X0542811101000000123456
Click here for details: http://fake-bank.com/login
"""
return email
print(generate_phishing_email())Business Email Compromise (BEC): targeting companies
Business Email Compromise (BEC) is one of the most profitable and dangerous scams targeting companies. Cybercriminals gain access to the email account of a company executive or supplier, often through stolen credentials or malware, and monitor email exchanges.
At the right moment, they send a legitimate-looking request for an instant bank transfer, exploiting internal trust.
Example
An accountant receives an email from the company’s CFO:
“Hi, please urgently make an instant bank transfer of €18,000 to our new supplier. IBAN and payment details attached. I need it within 10 minutes.”
The email account is real — it has been compromised.
Example code used to monitor compromised inboxes:
python
CopiaModifica
import imaplib
# Connecting to a compromised email inbox
mail = imaplib.IMAP4_SSL('imap.mailserver.com')
mail.login('email@company.com', 'stolencredentials')
mail.select('inbox')
# Searching for invoices to prepare a BEC attack
result, data = mail.search(None, '(SUBJECT "invoice")')
email_ids = data[0].split()
print(f"Potential targets found: {len(email_ids)}")Man-in-the-Middle (MitM): intercepting and manipulating transactions
The Man-in-the-Middle (MitM) attack is more sophisticated and highly technical. Criminals intercept communication between the user and the bank, usually by compromising a public Wi-Fi network or installing malware on the victim’s device.
During an instant bank transfer, the attacker manipulates the transaction data, typically the IBAN, redirecting the money.
Example
A user accesses their banking app while connected to free airport Wi-Fi. An attacker uses Ettercap to intercept the HTTPS session and replaces the IBAN with their own fraudulent account.
Sample MitM attack command (for demonstration purposes only):
# Starting an ARP Spoofing attack on local network
sudo ettercap -T -q -M arp:remote /192.168.1.10/ /192.168.1.1/This allows the attacker to intercept and manipulate traffic between the victim and the network gateway.
Phone or SMS spoofing: the invisible trap
In phone spoofing or SMS spoofing, cybercriminals forge the phone number of the bank or a supplier.
The victim receives a call or text message appearing to come from a trusted number, urgently requesting an instant bank transfer for security reasons or emergencies.
Example
The user receives a call from a phone number that matches their bank’s official number. The fake operator says:
“We’ve detected suspicious activity. To secure your account, please make an instant transfer to a temporary account.”
Technical example (how fraudsters fake SMS):
Cybercriminals use compromised SMS gateways to forge the Sender ID:
{
"to": "+393331234567",
"from": "YourBank",
"message": "Dear Customer, an instant transfer is required to block suspicious activity. Send to IBAN IT60X0542811101000000987654"
}Banking malware: the hidden danger
Banking malware is malicious software designed to infect smartphones, tablets, or PCs. Once installed (usually through fake apps, infected links, or phishing), it monitors the victim’s banking activities.
The malware is capable of altering the recipient’s IBAN in real time during an instant bank transfer.
Example:
The user opens their bank app on an infected smartphone. They insert the correct IBAN, but when they confirm the payment, the malware silently replaces the IBAN with the attacker’s account.
Proof of concept – clipboard hijacking script:
import time
import pyperclip
target_iban = "IT60X0542811101000000123456"
while True:
clipboard = pyperclip.paste()
if clipboard.startswith("IT") and clipboard != target_iban:
pyperclip.copy(target_iban)
print("IBAN replaced!")
time.sleep(1)This kind of script runs silently in the background, modifying payment data without the user noticing.
How to protect yourself from instant transfer fraud
The security of instant bank transfers largely depends on the user’s awareness and vigilance.
Cybercriminals often don’t attack systems—they attack people, exploiting distraction, haste, and trust. That’s why it’s essential to adopt good security habits and stay alert.
Always verify the recipient’s identity through a different channel
One of the most common mistakes victims make is trusting the first message they receive. Just because a transfer request comes via email from a known contact or from a familiar phone number doesn’t mean it’s genuine.
Cybercriminals are increasingly skilled at cloning emails, phone numbers, and identities.
Before authorizing an instant bank transfer, get into the habit of double-checking the request through a different channel: call the person directly, send them a message on another platform, or, if possible, confirm in person.
Example
If you receive an urgent payment request from your accountant, call the number you already have in your contacts (not the one in the email) and verify the request.
Don’t let urgency pressure you
One of the main tools used by fraudsters is psychological pressure. Fraudulent emails or messages often contain phrases like “payment required within 10 minutes”, “your account will be blocked if you don’t act now”, or “last chance to recover your balance.”
The sense of urgency is designed to reduce your ability to think clearly and critically, making you more likely to skip security checks.
Always take your time to analyze the request. If something feels suspicious, contact your bank or the person who appears to have sent the message directly.
Check every detail: email addresses, phone numbers, and links
Many phishing and spoofing attacks rely on tiny details that can easily go unnoticed. The sender’s email address might have a letter swapped, or the domain may look almost identical (for example, @bankltalia.com instead of @bankitalia.com). The same goes for phone numbers and links.
Tip
When you receive a suspicious message, hover over the sender’s email or the link without clicking. You can see the real address or URL behind it.
Use two-factor authentication and keep your devices updated
Many banks and financial apps offer two-factor authentication (2FA). This means that, in addition to your password, you’ll need a second verification code sent via SMS, authentication app, or physical token.
Keeping your security software up to date is just as crucial. Antivirus, antimalware, and firewall software should always be active and regularly updated to detect suspicious activity, especially if you use your banking app on smartphones or computers.
Bonus tip
Many banking malware infections happen through fake apps or fraudulent updates. Always download apps and updates from official stores only.
Set transaction limits and activate real-time notifications
Most banking platforms allow you to set a maximum amount per instant bank transfer. If you don’t need to make large payments, lower the limit to minimize the risk in case of fraud.
Additionally, enable real-time transaction notifications. That way, you’ll be immediately informed if any unexpected transfer occurs, giving you a chance to act quickly.
Never use public Wi-Fi for financial transactions
Public Wi-Fi networks are a favorite playground for cybercriminals who launch Man-in-the-Middle (MitM) attacks. When you connect to an unprotected network (like in a café, airport, or hotel), an attacker could intercept your data, including account numbers and banking credentials.
If you need to make an instant bank transfer while outside your home or office, always use your mobile data connection or, even better, a VPN to encrypt your traffic.
The golden rule: always doubt
In the end, there is only one true defense: never fully trust any message or request you receive by email, SMS, or phone, especially when it involves money. Caution, verification, and a healthy dose of skepticism are the most effective ways to avoid falling victim to an instant bank transfer scam.
Conclusion
Instant bank transfers are practical and fast, but they hide risks that should not be underestimated. Prevention remains the most effective weapon: knowing the dangers and behaving cautiously can make the difference between a safe transaction and a scam.
In this context, cyber security starts with the user’s awareness.
Questions and answers
- Are instant bank transfers safe?
Yes, but only if used carefully. Their speed can be an advantage for fraudsters. - Can I cancel an instant bank transfer?
No, once authorized, the transfer cannot be revoked. - How can I recognize a phishing attempt?
Emails or messages with alarming tones, urgent payment requests, or suspicious links are typical signs. - What should I do if I receive a suspicious transfer request?
Contact the person or company directly, without replying to the received message. - What are the most common techniques used to scam with instant bank transfers?
Phishing, BEC, phone spoofing, banking malware, and Man-in-the-Middle attacks. - How can I protect my banking data?
Never share credentials, use two-factor authentication, and keep your software updated. - Can malware alter the transfer data?
Yes, some banking malware can change the recipient’s IBAN during the payment confirmation. - Can I limit the amount of instant transfers?
Yes, most banks allow you to set a maximum amount per transaction. - Is it risky to make instant transfers on public Wi-Fi?
Yes, using unprotected networks increases the risk of data interception. - 10. What should I do if I fall victim to an instant transfer scam?
Contact your bank immediately and report the incident to the authorities. Acting quickly can help.
