Tbh there isn't much security in SEPA either. The only reason SEPA Debit Fraud is rare is because A) it requires you having a bank account with a verified address and business registration and B) the bank is liable if the vendor goes fraudstering. The bank gets the money from the fraudster or they loose it.
You can also easily block or reverse transfers either in general or for specific merchants including down to blocking only weekly payments under 50€ from vendor X if you want to be really specific.
It is an existence proof that the security is good enough to get the job done and keep losses to an acceptable level. If it was truly "woeful" enough to actually matter then an alternative with better security would have displaced it by now.
This is overly simplistic and assumes an open market witn no barrier to entry for competitors, which is not the case.
It’s like saying the people of North Korea believe their government is good enough to get the job done, otherwise KJU would have been displaced by now.
You can also easily block or reverse transfers either in general or for specific merchants including down to blocking only weekly payments under 50€ from vendor X if you want to be really specific.