Now I understand, this is done to protect the banks from the legal fees they might have to cover. (In the linked story bank paid thousands in legal fees). The w

Now I understand, this is done to protect the banks from the legal fees they might have to cover. (In the linked story bank paid thousands in legal fees). The warning during the transfer also makes sense now. I.e. we provided you with means to check the identity and warned you when we couldn’t confirm it, so the erroneous transfer is now on you. So the main user of that feature is the bank, not the bank customers.