Protect yourself from scams on Pix and learn how to recover your money in cases of fraud

Have you ever experienced the nightmare of being a victim of a financial scam? Since the introduction of Pix in 2020, this new payment tool has attracted scammers. But don’t worry, there are ways to get your money back. Let’s discuss how to protect yourself, and how to get your money back if you fall victim to a scam.

Pix, launched by the central bank in 2020, has become the preferred way for Brazilians to make extremely fast and fee-free bank transfers. However, Pix also attracted unwanted attention from scammers who saw an opportunity to carry out financial scams through it. Next, we explain how money sent via Pix can be recovered in a fraudulent transaction.

What is a special return mechanism (MED)?

The central bank explained in a note sent to UOL that when a fraudulent Pix transaction occurs, the victim must act quickly and report the case to the bank so that the funds can be blocked. If fraud is proven, it is possible to request a refund through the Special Return Mechanism (MED). Using this mechanism, the perpetrator of the fraud is identified, providing more information so that institutions participating in BEX can reject future transactions, thus avoiding new victims.

How is the refund process done?

If the victim notices the scam after a period of time, a cancellation request can still be registered up to 80 days after the transaction. To request a MED, the victim must file a police report and formally notify the bank about the scam. The victim’s bank will then use Pix’s infrastructure to notify the institution that received the fraudulent transfer and request that the funds be blocked.

What if my refund is denied?

Unfortunately, even with the above steps followed, there are scenarios where banks will reject your refund through Pix. In cases where payment is refused, the victim’s only alternative is to take legal action against the bank.

By learning how Pix works and learning how to protect our resources, we can better protect ourselves from financial scams and act appropriately if we become victims of such scams.