A correct code is not a safe payment
You may be checking a SWIFT code because someone asked you to send money. The code can be perfectly valid and the payment still a scam. The FTC says wired money is like cash: once you send it, you usually cannot get it back (FTC).
What a format check shows, and what it cannot
| A format check shows | It cannot show |
|---|---|
| The code has an allowed length and allowed characters | That the code is assigned to anyone. Many well-formed codes are not |
| The country code is a real one | That the code is still active. Swift marks the codes of closed organizations as expired rather than deleting them (Swift FAQ) |
| An IBAN's check digits add up | That the account belongs to the person you mean. A fraudster's IBAN passes too |
| The parts of the code | That the organization is legitimate. Swift's FAQ says a BIC gives no guarantee about the organization's activities (Swift FAQ) |
Checklist before you send
Our own practical advice, not taken from the sources:
- Get the details from a source you already trust: the invoice or contract you agreed on, or the payee's bank details page. Not from a message that arrived out of the blue.
- Run the code through the BIC checker and the IBAN checker. Add the BIC next to the IBAN: the tools tell you if they point to different countries or banks.
- Look the BIC up in Swift's BIC search and compare the institution name with the bank the payee says they use.
- If the details changed, phone the payee on a number you already had, and read the new details back to them. A change of bank details by email is a common pattern in business payment fraud.
- For a first or large payment, wire a small test sum before the rest and wait for the payee to confirm it arrived.
- In the euro area, read your bank's payee name check result. A "no match" on a known supplier is a reason to stop and call (verification of payee).
- Keep a copy of the details you used and the payment confirmation.
The signs in the red-flag check
From the FTC page: a request that claims to come from a government agency or a well-known company, pressure to pay immediately, being told a wire is the only way, a telemarketer asking for a wire (the FTC says that is illegal), paying someone you have never met in person, a fee to collect a prize, a check that overpays you so you wire back the difference, and a panicked call from a relative, which can use a cloned voice (FTC). We add one business check: bank details that are new or changed by email or message.
How the meter works
Each sign carries a weight, higher for the strongest signs. No ticks means no listed red flag; a few means check before paying; more means stop. The weights are ours, not the FTC's. Ticked boxes stay in this browser's storage (key sc-safe) and come back after a reload; nothing is sent.
If you already paid
The FTC says to contact the wire service (MoneyGram, Ria or Western Union, for example) right away, say the transfer was fraudulent and ask for a reversal. If you sent the money through your bank, contact the bank and ask whether it can reverse the transfer. After that, file a report with the FTC at ReportFraud.ftc.gov (FTC). Speed matters. The common scam patterns are on wire transfer scams.