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 scams via PIX by 2028.
The speed and convenience of PIX, which revolutionized the payment system in the country, have also attracted the interest of fraudsters, who exploit vulnerabilities in the financial system to carry out scams, including the use of artificial intelligence (AI).
Given this scenario, it becomes essential to understand the limits of financial institutions’ liability and the rights of victims of banking fraud.
Central Bank Regulations and Financial Institutions’ Duty of Security
The Resolution No. 147/2021 of the Central Bank of Brazil (BCB) establishes guidelines for the prevention and mitigation of fraud in PIX. Articles 39-B and 78-F determine that, upon suspecting fraud, financial institutions must temporarily block transferred amounts, either on their own initiative or upon the customer’s request.
Additionally, the Article 32, Section V, of the same resolution, imposes on the PIX participants the obligation to be liable for fraud resulting from failures in their risk management mechanisms. This includes the disregard of security measures, such as monitoring suspicious transactions and responding quickly to potential fraud.
The Central Bank’s guidelines make it clear that financial institutions have a duty to continuously monitor the services they provide, adopting preventive measures to prevent fraud and scams. Among these measures, the following stand out:
- Immediate blocking of suspicious transactions;
- Continuous monitoring of atypical movements;
- Adoption of strict security and authentication protocols;
- Collaboration between financial institutions to share fraud data.
When Can Financial Institutions Be Held Liable?
The liability of financial institutions can be established in the following situations:
- Negligence in responding to blocking requests: When the scam victim immediately reportsthe 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 there is an invasion of the bank’s internal system, demonstrating vulnerability in protection mechanisms, the institution may be held liable for the damages caused.
- Non-compliance with Central Bank guidelines: If the institution does not observe the established security protocols, such as lack of adequate monitoring or failure to implement preventive measures, it may be required to fully compensate the affected user.
Once omission or failure in service provision is proven, the financial institution may be required to compensate the customer for the financial losses incurred.
Prevention Measures for Financial Institutions and Users
To minimize the impact of fraud and ensure greater security for customers, financial institutions should adopt preventive strategies, such as:
Set transaction limits to reduce the impact of high-value scams;
Monitor user behavior patterns to detect suspicious activities;
Invest in technology and artificial intelligence to strengthen authentication and security mechanisms;
Share fraud information between banks and regulatory agencies to enhance policies against financial scams.
Essential Precautions 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 bank details to third parties;
Be wary of suspicious messages requesting urgent transfers;
Always verify the authenticity of the recipient before making any transaction;
Enable banking transaction notifications to monitor transactions in real time.
What to Do If You Are a Victim of PIX Fraud?
If you are a victim of a scam via PIX, the user must act quickly to attempt to recover the funds:
1 – Immediately contact the financial institution and report the fraud;
2 – Request the blocking of the transferred amounts through the Special Refund Mechanism (MED);
3 – File a police report and gather evidence of the fraud;
4 – If the amount is not refunded, seek legal assistance to assess the financial institution’s liability.
The Special Refund Mechanism (MED) allows for the recovery of funds in cases where fraud or banking system failure is proven.
If the financial institution does not refund the amounts and it is found that there was non-compliance with Central Bank regulations or system security failures, the victim may demand full compensation for the material damages suffered.
Vitor Henrique Mainardes – Specialist in Civil and Business Law at PUC/PR and lawyer at the firm Alceu Machado, Sperb & Bonat Cordeiro Advocacia.
