that means it's almost useless then, because SEPA offers absolutely zero fraud protection. Once you sent the money, it's impossible to get it back even if you contact the bank 1 second later.

Exception: some hacker did some social engineering and posing as the ministry of defense, persuaded one of the richest men in italy to send him a bribe via SEPA. In that case the banks were able to reverse it one week after. Normal people instead gets only a FUCK YOU.