The Director of Organization of the Financial System and Resolution of the Central Bank, João Manoel Pinho de Mello, shared with the financial institutions the responsibility for the increase in fraud with the use of electronic payment means — intrabank transfers, Pix, debit cards and settlement of TEDs.
He reinforced that banks will be required to mark in the Transactional Account Identifier Directory (DICT) suspicions of Pix fraud, facilitating consultation for blocking rental accounts or “oranges.
“Few institutions used tools to identify fraud, now we are enforcing [as instituições]”, emphasized the director.
Pinho de Mello also said that he has the support of security authorities to combat fraud and kidnapping crimes using these means. Another obligation of banks is to communicate suspected crimes to the police in a timely manner, using a database that will be used for all means of digital payments. “These new measures will protect against crimes, but the effort must be joint,” he said.
The Central Bank’s Supervisory Director, Paulo Souza, added that the diversion of funds via Pix represents less than 10% of the total handled. “That is why we are going to demand that periodic reports on fraud be sent to the top management of the institutions and also to the BC,” he said.
Souza also pointed out that banks will have to demand a behavioral and credit history so that companies can anticipate receivables from cards with payment on the same day (D+0). “This will greatly reduce the amount of scams and frauds with ‘machines'”, completed the director.
The BC announced this Friday several measures to combat the use of Pix and other digital media in fraud and lightning kidnappings. Among them is the R$1,000 limitation for transactions between individuals (and MEIs) from 8 pm to 6 am. Users will also be able to have different limits for day and night. In addition, requests to change the limit by users will only be made after 24 hours, preventing immediate registration in a risk situation.
]Pinho de Mello acknowledged that the security measures announced by the BC will have costs for the institutions that operate the electronic means of payments – intrabank transfers, Pix, debit cards and settlement of TEDs. “The measures impose costs on participants and we know that they will be paid by society. That’s why the interventions were calculated”, he admitted.
He added that the amount of suspected Pix fraud has dropped from 1 in 100,000 to 0.5 in 100,000. “But it doesn’t matter if there are few instances of fraud, they are all important. The cost of human life is incalculable,” he considered.
The Director of Financial System Organization and Central Bank Resolution assessed that the announced security measures will not reduce the users’ interest in electronic payment methods. “The measures produce some inconveniences, we have to recognize that. But the BC does not take measures without relying on evidence. We did not adopt these measures in February, because we did not know what the dynamics of using Pix would be, for example,” he said.
He repeated that the R$1,000 limit for using Pix between 8 pm and 6 am for individuals (including MEIs) is higher than the average transfer on time. “Today, 90% of night operations by Pix have a value of less than R$ 500”, he quoted.
Mello did not say exactly when the new measures will take effect, but said they will be implemented “in a few weeks”. “Financial institutions will have to prepare to adopt these measures,” he replied.