The Central Bank announced this Friday (27) a set of measures to make the use of the PIX safer. Among the changes is the establishment of a limit of BRL 1,000 for transfers made between individuals at night (see below).
PIX is a real-time, 24-hour-a-day resource transfer engine. The system has been used by criminals to commit fraud.
Financial institutions pressured the Central Bank for changes that would guarantee greater security for the system. The forecast is that the measures will start to be implemented in a few weeks.
“[As] measures are mainly focused on the security of these means of payment against crimes perpetrated by criminals imposing coercion on human life, for example, lightning kidnappings or theft and fraud in electronic payment means, which is a social and serious problem equally,” said the director of the BC’s Financial System Organization and Resolution, João Manoel Pinho de Mello.
Also, according to Mello, the number of transactions suspected of fraud in the PIX database is half a transaction for every 100,000 transactions.
“If you consider it from the beginning of the system, it’s a suspected fraud or violent crime transaction on the basis of the PIX every 100,000 transactions. There is no evidence of increase, there is evidence of decrease [do número de fraudes]”, stated Mello.
Understand how to send and receive money through Pix
Among the main changes are:
- set the limit of BRL 1,000.00 for the sum of transactions carried out between individuals (including MEIs) using means of payment in transfer arrangements at night (from 8 pm to 6 am), including transfers of the types: intrabank, PIX, debit cards and settlement of TEDs;
- offer customers the possibility of reducing or increasing the PIX system limits for day and night periods; The reduction will take effect immediately, while the increase will take from 24 to 48 hours to be effective.
- determine which institutions offer functionality that allow users to pre-register accounts that may receive Pix above the established limits;
- establish minimum period of 24 hours so that the prior registration of accounts via digital channel takes effect, preventing immediate registration in a risk situation;
- establish a minimum period of 24 hours and a maximum of 48 hours for the execution of the request for increase in transaction limits with means of payment made user through digital channel (TED, DOC, intrabank transfers, PIX, bank slip, and debit card);
- allow PIX participants to hold a transaction for 30 minutes during the day or for 60 minutes at night for transaction risk analysis; and
- require behavioral and credit history so that businesses can anticipate same-day card receivables.
In addition, the Central Bank will also determine that PIX users share information about suspicious transactions with public safety authorities involvement with criminal activities. It will also require additional controls on fraud from regulated institutions.
According to BC, all these measures increase the “protection of users and contribute to reducing the incentive to commit crimes against the person using means of payment, since the low amounts to be eventually obtained in such actions tend not to compensate for the risks” .
The institution reminds that customers can also set the limits of their transactions to zero, as a security option.
“The security mechanisms present in the PIX and in other means of payment are not able to completely eliminate the exposure of its users to risks, but with the joint work of the Central Bank, regulated institutions, public security forces and the users, it will be possible to further mitigate the occurrence of losses”, concludes the BC.