To reduce scams with Pix, BC wants to hold banks responsible for ‘orange accounts’

Roberto Campos Neto, president of the Central Bank, said he intends to hold accountable banks that have “orange accounts”, those opened by criminals on behalf of customers, in order to reduce scams involving Pix, an instant payment system.

“We are pushing as much as possible so that banks do not have the capacity to host an ‘orange account’ or an intermediary account”, said Campos Neto during a public hearing at the Consumer Protection Commission of the Chamber of Deputies.

“We will even start to make a process in which the banks will be held responsible if a Pix fraud is carried out and they have an orange account”.

O InfoMoney contacted the BC for more details on the procedure, but the monetary authority’s press office said it had “no additional information beyond what the president said”.

Orange accounts are fake and created by criminals from victim data to receive money from other people who are also the target of scams. They are used to transfer funds to new accounts after borrowing, for example, leaving victims in debt.

A systemic problem involves scams with Pix, the so-called social engineering, which is when the criminal tricks the victim and, based on confidential information passed by her, manages to make Pix transactions using the bank.

In social engineering, neither the technological system nor the Pix failed. And it is because of these cases that financial institutions see a loophole not to be responsible for reimbursement of values ​​to affected customers.

The measure intended by Campos Neto may be a way out for victims of scams using fake accounts.

Pix security measures

Concern about security in transactions via Pix only grows, and BC itself has already created features to minimize scams, other crimes and even kidnappings involving the tool.

It is possible to cancel the limit, allow Pix only for those who are pre-registered, adjust times when Pix is ​​allowed, among other functions.

Another feature allows a transaction identified as suspicious to the bank to be held for up to 72 hours as a precaution. The BC also determined a limit of BRL 1,000 for transactions on digital channels with Pix and TED between individuals carried out between 8 pm and 6 am.

In March (last monthly data available), Pix reached the mark of 1.6 billion transactions, the highest level of the series started in November 2020. BRL 784.7 billion were moved in the month, also a record since its launch of the service.

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3 common scams involving Pix and tips for users to protect themselves, according to the Central Bank

protection tips

The Open Banking governance website in Brazil, supervised by the Central Bank, has a series of simple tips for the consumer to be aware and not fall for scams involving Pix.

See some of them:

  • Never use personal data such as a password (birth dates, license plate, etc.) or repeated or sequential numbers (111111 or 123456);
  • Never write down passwords on paper, on your cell phone, on your computer or anywhere easily accessible by third parties;
  • Never share passwords, security codes or tokens in calls or messages or from commerce sites;
  • Never click on links that ask for an update, app maintenance, registration or token;
  • Never allow them to remotely access your computer or cell phone, or accept to perform security procedures during phone calls;
  • Never make transfers to regularize or reverse amounts in your account (not even for tests);
  • Never believe in very advantageous promotions that offer big discounts, double earnings or benefits – they can be phishing and/or blows;
  • Never access your account or register your Pix key by clicking on any link you receive in messages. Access your account directly on your institution’s website or on mobile and computer applications;
  • Never transfer money to a friend or family member who made the order by text message without first calling to confirm, not using the call through the app’s audio;

In addition, there is a tool made available by the Central Bank that helps consumers monitor their records, and who has access to their data. It is the BC Registrar.

It is a free service maintained for years by the BC in which the consumer needs to register and, from their internet banking, generates an access key. With it, it is possible to enter the BC page and activate access to Registrato.

The resource provides monthly reports that show accounts and cards opened in your name at banks, brokerages and cooperatives; all credit granted in your name; your Pix keys and which institutions they are linked to; and exchange information — such as transfers made in foreign currencies from your data.

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