Re: So what happens to the money?
In the UK, money transfers take about 3 seconds, and they can’t be recalled. Frauds similar to the one describe do take place fairly frequently.
I’ve done SEPA transfers between UK and Italy in both directions. They generally take about 4 working hours - if I do it in the morning, it will arrive by afternoon, if I do it in the afternoon, it will arrive the following morning.