Pix: Banks will be able to block user resources for 72 hours if fraud is suspected

BRASILIA – The Central Bank (BC) announced on Tuesday that financial institutions that suspect fraud may block suspicious resources from a receiving user’s account for up to 72 hours. This measure is effective as of November 16.

According to the Basel Convention, this measure will allow the financial institution to conduct a “more robust” analysis of potential fraud “which will increase the likelihood of resource recovery by paying users who have been victims of certain crimes.” The organization must notify the user who receives the ban.

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Another measure announced by the jury is the obligation to notify the violation, even for transactions in which the payer and the recipient have an account at the same institution. Currently, the notification is optional.

In a note, BC explained that the mechanism allows organizations to flag a Pix key when there is a strong suspicion of fraud. This information can be accessed by any organization participating in Pix.

“This information will be shared with other organizations whenever there is a query about a Pix key, giving further benefits to the organizations’ fraud prevention mechanisms,” BC notes.

A new limit of one thousand Brazilian riyals

Pics alters photo: REMO CILLI / REUTERS — Photo: Remo Caselli/Reuters

Individuals and Small Business Owners (MEIs) will have a default limit of R$1,000 for transactions made from 8:00 PM to 6:00 AM. This procedure is valid for Pix, but also for TEDs, transfers between accounts of the same bank and debit cards. If desired, the customer can increase this limit.

More time to change the limit

New Rules for Pix Foto: Agência O Globo — Photo: Agencia O Globo

Banks and other financial institutions will have a minimum of 24 hours and a maximum of 48 hours to request an increase in the transaction limit via the digital channel. Until then, the deadline for increasing the Pix limit varies between one hour and the next business day. The change is also valid for TED, DOC, bank voucher, debit card and transfers between accounts of the same bank.

different boundaries over time

Changes in Pix Image: Disclosure — Photo: Disclosure

Customers will be able to set different limits, for each transaction, for the day and night periods.

Transfer keep for review

Pix will refund money in cases of fraud Image: Eduardo Valente / Agência O Globo — Photo: Eduardo Valente / Agência O Globo

Financial institutions will be able to conduct risk analysis transactions for 30 minutes during the day or 60 minutes at night.

Accounts outside the general limit

Pix changes announced by BC Photo: Jorge William / Agência O Globo — Photo: Jorge William / Agência O Globo

Financial institutions must allow customers to pre-register for accounts that may receive Pix above established limits. Registration will not take effect until 24 hours later.

Identify suspicious accounts

Pixels are present in financial institution applications. User should not click on links that come from text messages Foto: Arte O Globo — Photo: Art O Globo

Banks and financial institutions are now required to mark accounts with proof of fraudulent use in the Transaction Account Identifier Directory (DICT). Institutions will be able to refer to this database to curb other crimes involving the same suspicious account.

Share information

Changes in the image of Pix: Agência O Globo — Photo: Agencia O Globo

Electronic payment institutions will have to share transaction information suspected of being involved in criminal activities with law enforcement authorities.

Fraud Monitor

Fraudsters want access to the Pix account of a future victim Image: Reuters — Photo: Reuters

Institutions regulated by BC must have additional fraud controls in place. The audit committee or board must be notified, and the BC must have access to this information.

performance date

Changes in the image of Pix: Luiza Moraes / Agência O Globo — Photo: Luisa Moraes / Agência O Globo

Organizations must require a behavioral and credit history so that businesses can anticipate same-day receivables.

In addition, the central bank has published a decision explicitly stating in the Pix regulation that financial institutions will be held liable for fraud arising from failures in their risk management mechanisms. Organizations must also adopt data protection measures at least equal to those used by BC.

All these measures take effect on November 16, the first anniversary of Pix and the day of Special return mechanism Work begins. The functionality will allow refunds to be handled in case of operational failure or fraud.

More security

The measures announced on Tuesday complete the series of changes that It was announced in late August To improve the security of payment methods, such as the maximum limit of R$1,000 for the overnight period, which takes effect On October 4th.

The decision published on Tuesday also details the rules for these previously announced measures. For example, the user can customize the start time of the night shift in the case of Pix. Before that, the information was that the period would be from 8 pm to 6 am.

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In addition, customers can adjust their limits through the app or through online banking with immediate effect to reduce this amount. In the case of an increase, the order must be accepted between 24 hours and 48 hours if the user is an individual and between 24 hours and 2 business days if it is a company, if it is within the criteria set by BC.

Applications that exceed the criteria will be accepted depending on the analysis of each institution, but within the same period.