It is impossible to guarantee that there will be no crimes, says BC after changes

The director of Financial System Organization and Central Bank Resolution, João Manoel Pinho de Mello, repeated this Friday (27) that the security measures announced by the BC will not completely eliminate fraud and crimes — lightning kidnappings — with the use of means electronic payment systems, such as intrabank transfers, debit cards, Pix and TEDs.

“It is impossible to guarantee that there will be no more crimes, to say that would be frivolous. Our objective is to protect customers as much as possible and reduce the incentives for these means to be used for fraud and violent crimes,” he stressed.

According to him, the vast majority of transactions in suspected crimes and fraud involve transfers between individuals (including MEIs). Therefore, the limit of R$1,000 on Pix between 8 pm and 6 am will not be placed on payments to legal entities. “The intervention is where there is evidence of problems,” he reaffirmed.

Mello recalled that BC maintains the mandatory use of the Pix icon in financial institutions’ applications for smartphones.

Removing this now would incur a high technological cost for banks. Also, the kidnappers wouldn’t even know whether or not the victim had the Pix icon. It would be ineffective.
João Manoel Pinho de Mello, director of BC

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.

Banks will also be able to hold transactions for 30 minutes during the day or for 60 minutes at night for risk analysis. Institutions will also be required to mark suspected Pix fraud in the Transactional Account Identifier Directory (DICT), facilitating consultation for blocking rental or “orange” accounts.

Cost

The BC’s director of Financial System Organization and Resolution also said that he did not expect that there would be a “very large” cost to be passed on to customers with the security measures announced by the BC for the use of electronic payment methods, such as intrabank transfers, debit cards, Pix and TEDs.

“The intervention is calibrated so that the costs are very low”, he reinforced. “We know there will be a cost, but it shouldn’t be terribly relevant to customers.”

Asked if the announced actions meet all the security banks’ requests for these operations, Mello replied that the BC has as a rule to always consult and debate its interventions with financial institutions. “But it is the BC’s prerogative to adopt interventions based on the costs and benefits of each measure,” he added.