The exponential growth of transactions via PIX in Brazil has been accompanied by a significant increase in cases of financial fraud. According to a recent study by ACI Worldwide, a company specialized in payment technology, Brazil could reach the mark of R$ 11 billion in PIX scams by 2028.
The speed and convenience of PIX, which have revolutionized the payment system in the country, also pique the interest of fraudsters who exploit vulnerabilities in the financial system to perpetrate scams, including the use of artificial intelligence (AI).
In this scenario, it becomes essential to understand the limits of financial institutions’ responsibility and the rights of victims of banking fraud.
Central Bank Regulations and Financial Institutions’ Security Duty
The Resolution No. 147/2021 from the Central Bank of Brazil (BCB) establishes guidelines for preventing and mitigating fraud in PIX. Articles 39-B and 78-F stipulate that financial institutions must provisionally block transferred amounts upon suspicion of fraud, either on their own initiative or at the customer’s request.
In addition, article 32, item V, of the same resolution, imposes on PIX participants the obligation to be responsible for frauds resulting from failures in their risk management mechanisms. This includes non-compliance with security measures, such as monitoring suspicious transactions and quickly responding to possible frauds.
The guidelines from the Central Bank make it clear that financial institutions have the duty to continuously monitor the services they provide, adopting preventive measures to prevent frauds and scams. Among these measures, the following stand out:
- Immediate blocking of suspicious transactions;
- Continuous monitoring of atypical movements;
- Adoption of rigorous security and authentication protocols;
- Collaboration among financial institutions for sharing fraud data.
When Can Financial Institutions Be Held Responsible?
The responsibility of financial institutions can be established in the following situations:
- Negligence in responding to the block request: When the victim of a scam immediately reports the fraud to the bank and requests the blocking of the amount, but is not assisted in time, allowing the fraudsters to move the funds.
- Security system failures: If internal bank system invasion is identified, demonstrating vulnerabilities in the protection mechanisms, the institution may be held liable for damages caused.
- Non-compliance with Central Bank guidelines: If the institution does not observe established security protocols, such as inadequate monitoring or failure to implement preventive measures, it may be required to fully reimburse the affected user.
Once omission or failure in service provision is proven, the financial institution may be required to compensate the client for financial losses suffered.
Preventive Measures for Financial Institutions and Users
To minimize the impact of frauds and ensure greater security for customers, financial institutions should adopt preventive strategies such as:
Setting transaction limits to reduce the impact of high-value scams;
Monitoring user behavioral patterns to detect suspicious activities;
Investing in technology and artificial intelligence to strengthen authentication and security mechanisms;
Sharing fraud information among banks and regulators to improve policies for combating financial scams.
Essential Care for PIX Users
On the other hand, users should also take measures to protect themselves against fraud, including:
Avoid clicking on unknown links or providing banking details to third parties;
Be suspicious of suspicious messages requesting urgent transfers;
Always verify the recipient’s authenticity before making any transaction;
Activate bank transaction movement notifications to monitor your transactions in real time.
What to Do If You Become a Victim of Fraud in PIX?
If you fall victim to a scam via PIX, the user must act quickly to try to recover the funds:
1 – Contact the financial institution immediately and report the fraud;
2 – Request blocking of transferred funds through the Special Return Mechanism (MED);
3 – File a police report and gather evidence of fraud;
4 – If the amount is not returned, seek legal assistance to assess the financial institution’s liability.
The Special Return Mechanism (MED) allows the recovery of funds in cases where fraud or a banking system failure is proven.
If the financial institution does not return the funds and it is found that there was non-compliance with Central Bank regulations or a security system failure, the victim may demand full reimbursement of the material damages suffered.
Vitor Henrique Mainardes – Specialist in Civil and Business Law from PUC/PR and lawyer at the office Alceu Machado, Sperb & Bonat Cordeiro Advocacy.
