USP Researchers Highlight Security Improvements in Pix for Safer Digital Payments
Starting November 1, 2024, Pix will have new rules, including lower limits for transactions on newly registered devices and new security requirements. The Central Bank has released the new rules for virtual payments.
The method has become the main means of transaction for payments and transfers, with the advantage for individuals of having no cost and also of being able to be done 24 hours a day. However, Pix is subject to some problems despite being a very robust system. Among them, there may be password leaks, transactions not recognized by the consumer, made without their knowledge, and, in these circumstances, the responsibility lies with the bank to which the account through which the Pix was made is linked. There are scams related to express kidnappings and extortion made directly to the consumer, occasions in which the consumer is forced to provide the password to the criminals.
In such cases, the financial institution must be notified immediately and the subsequent attempt is to recover these amounts, according to the transfer made. What is expected of banks is that they block suspicious transactions. This measure should be regulated so that all transactions made outside the standard are automatically blocked.
Increasingly common
Pix scams are becoming increasingly common and cybercriminals are constantly exploiting security breaches. Starting November 1st, the instant payment method will undergo a security system in its operations. The main change is in the limit, as explained by Roberto Pfeiffer, professor at the Department of Commercial Law at the Law School of the University of São Paulo.
Another measure announced by the Central Bank is the obligation for banks to check, every six months, whether the customer has not been flagged for fraud. In addition to the existing modality, another new feature is the recurring scheduled Pix, that is, the pre-dated Pix for monthly bills. And, in this case, for now, it is only valid for individuals. This modality ends up becoming a trend that has already been occurring all over the world: the reduction of physical branches and the consecration of virtual banks.