There is nothing being exploited here like a display bug in the URL bar, TLS vulnerability, etc - it is completely obvious that you are not connecting to EE.co.uk and instead to some weird domain.
There's only so much we can do to fix stupid and natural selection (or in this case financial selection) can take care of the rest. Banks refunding every instance of fraud (even when the user is obviously at fault and failed for an obvious scam) don't help either as it means people still don't understand the importance of being vigilant and actually taking the time to learn some basics in order not to fall for these very obvious scams.
I would guess that if this scam was performed over snail mail it would have vastly higher success rates than SMS spam.
I could see this weird domain name being slightly confusing and looking like a full URL in a browser that normally hides the path part.
It would be much easier if browsers just cut the crap and displayed the full URL (including the protocol) consistently. It's just one thing everyone can learn and then apply across all platforms & browsers.
Here's some examples I've collected of people clicking on links in suspicious texts:
https://twitter.com/edent/status/1193147685370552322 https://twitter.com/edent/status/780317797855395841