The exponential growth of transactions viaPIXin Brazil there has been a significant increase in cases offinancial frauds. According to a recent study byACI Worldwide, company specialized in technology for payment methods, Brazil may reach the mark of£ 11 billion in scams via PIX by 2028.
The speed and practicality of thePIX, that revolutionized the payment system in the country, also awaken the interest offraudsters, that exploit 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 liability of financial institutionsand therights of victims of bank fraud.
Central Bank Regulations and Duty of Security of Financial Institutions
AResolução nº 147/2021doCentral Bank of Brazil (BCB)establishes guidelines for theprevention and mitigation of fraud in PIX. The articles39-B and 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 totake responsibility for frauds resulting from failures in their risk management mechanisms. This includesthe non-compliance with safety measures, such as monitoring of suspicious transactions and quick response to possible frauds
The guidelines of the Central Bank make it clear thatfinancial institutions have a duty to continuously monitor the services they provide, adoptingpreventive measuresto prevent the occurrence of frauds 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 for sharing fraud data.
When Financial Institutions Can Be Held Liable
The responsibility of financial institutions can be configuredin the following situations:
- Negligence in responding to the request for blockingWhen the victim of a scamcommunicate immediatelythe fraud to the bank and requests theblocking of the amount, but it is not attended to in time, allowing the values to be moved by the fraudsters
- Failures in the security systemIf identifiedinvasion of the bank's internal system, demonstrating vulnerability in the protection mechanisms, the institution can be held liable for the damages caused
- Non-compliance with the guidelines of the Central BankIf the institutiondo not follow the established security protocols, how the absence of adequate monitoring or failure in the implementation of preventive measures, may be sentenced to fully compensate the injured user
Once proven theomission or failure in the provision of the service, the financial institution may be required tocompensate the client for the 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
Define 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 fraudsbetween banks and regulatory bodies to improve policies to combat financial fraud
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
Activate 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 the transferred amountsthrough theSpecial Return Mechanism (SRM);
3 – Register a police reportand gather evidence of the fraud
4 – If the amount is not refunded, seek legal assistance to assess the liability of the financial institution
TheSpecial Return Mechanism (SRM)allows the recovery of amountsin cases where fraud or failure in the banking system is proven.
If the financial institutionnot return the valuesand it was found that there wasnon-compliance with Central Bank regulations or system security failure, the victim may demandfull compensation for the 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.
