Plus banks in Europe have a transfer reversal grave period so you just call them and they'll most likely be able to undo the transaction.

Very unlikely, the checksum would prevent that.

And most banks (even though I’m unsure it is mandatory) will check the recipient, if totally mismatched a warning will be raised.

But if you send money to the wrong iban+recipient, the money is gone.

You clearly have no idea how an IBAN works. It has a checksum exactly to avoid mistyping.

And even if you send the money to an valid, but wrong, IBAN then one of two things happens:

* The account doesn't exist -> transaction bounces * The account does exist -> ask for money back, worst case go to court to recover it

But the money is not gone. There are no black holes just swallowing everything up.