The exponential growth of transactions viaPIXin Brazil has been accompanied by a significant increase in cases offinancial frauds. According to a recent study fromACI Worldwide, company specialized in technology for payment methods, Brazil may reach the mark ofR$11 billion in scams via PIX by 2028.
The speed and practicality ofPIX, that revolutionized the payment system in the country, also awaken the interest offraudsters, that explore vulnerabilities in the financial system for the application of scams, inclusive with the use ofartificial intelligence (AI).
In light of this scenario, it becomes essential to understandthe limits of the liability of financial institutionsand therights of victims of bank fraud.
Central Bank Regulations and Financial Institutions' Security Duty
A Resolução nº 147/2021 do Central Bank of Brazil (BCB)establishes guidelines for thefraud prevention and mitigation in PIX. The articles39-B e 78-Fdetermine that, upon suspecting fraud, financial institutions mustprovisionally block the transferred amounts, either on their own initiative or at the client's request
Furthermore, thearticle 32, item V, of the same resolution, imposes on thePIX participantsthe obligation tobe held liable for fraud resulting from failures in its risk management mechanisms. This includesfailure to observe security measures, such as monitoring suspicious transactions and quick response to potential frauds
The Central Bank's guidelines make it clear thatFinancial institutions have a duty to continually monitor the services they provide, adoptingpreventive measuresto prevent the occurrence of fraud and scams. Among these measures, 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 Financial Institutions Can Be Held Liable
The liability of financial institutions can be configuredin the following situations:
- Negligence in complying with the blocking request: When the victim of a scamcommunicate immediatelythe bank fraud and requests thevalue lock, but it is not attended to in time, allowing the values to be moved by the fraudsters
- Security system failures: If identifiedinvasion of the bank's internal system, demonstrating vulnerability in the protection mechanisms, the institution can be held liable for the damages caused
- Failure to comply with Central Bank guidelines: If the institutiondo not observe established security protocols, how the absence of adequate monitoring or failure to implement preventive measures, may be sentenced to fully compensate the injured user
Once proven theomission or failure to provide the service, the financial institution may be required tocompensate the client for financial losses suffered.
Prevention Measures for Financial Institutions and Users
To minimize the impact of fraud and ensure greater security for customers, financial institutions must adopt preventive strategies, how
Set transaction limitsto reduce the impact of high-value scams
Monitor user behavior patternsto detect suspicious activities
Investing in technology and artificial intelligenceto strengthen authentication and security mechanisms
Share information about fraudbetween banks and regulatory bodies to improve policies to combat 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 linksor provide bank details to third parties
Be wary of suspicious messagesthat request urgent transfers
Always verify the authenticity of the recipientbefore making any transaction
Enable bank transaction notificationsto monitor your transactions in real time
What to Do If You Are a Victim of Fraud in PIX
If you are a victim of a scam via PIX, the user must act quickly to try to recover the amounts
1 – Contact the financial institution immediatelyand report the fraud
2 – Request the blocking of transferred amountsthrough theSpecial Return Mechanism (SDM);
3 – File a police reportand gather evidence of the fraud
4 – If the amount is not returned, seek legal assistance to assess the liability of the financial institution
THESpecial Return Mechanism (SDM)allows the recovery of valuesin cases where fraud or failure in the banking system is proven.
If the financial institutiondo not return the amountsand it is found that there wasfailure to comply with Central Bank regulations or system security failure, the victim may demandfull compensation for material damages suffered.
Vitor Henrique Mainardes – Especialista em Direito Civil e Empresarial pela PUC/PR e advogado no escritório Alceu Machado, Sperb & Bonat Cordeiro Law Firm.
