The Central Bank is urging banks to map and identify flaws related to the Pix scam. Check!
Estimated reading time: 3 minutes
Pix, an instant payment system, is one of the main means of payment for Brazilians. Since the platform does not charge fees and payment is made instantly, the system has quickly become popular with Brazilians. Considering this, it is natural that as the number of users increases, so does the number of frauds.
The issue is causing great concern among banks and other financial institutions. The number of frauds involving Pix exceeds the average of BRL 10 million every day, and in this semester of 2022 alone, in at least one month, scams totaled BRL 312 million.
In short, the big problem with the Pix system is that after a transaction has been paid, it is not possible to cancel the transaction. After all, the system offered to make instant financial transfers. With this, the crooks take advantage of this fragility, to deal blows to people.
Additionally, the biggest problem is that criminals end up using accounts in the name of oranges, making it even harder for banks to identify Pix fraudsters. Noting this growth in scams, the Central Bank is putting pressure on banks to be able to map and identify vulnerabilities related to account security.
In the case of Pix scams and frauds, the attempts at fraud are diverse. While some are just an adaptation of old scams, others exploit features of the new payment system.
A common Pix scam is related to the creation of fake pages to trick users, where the strategy is to redirect scam targets to fake websites. And there, steal bank details. There is also Pix’s flaw, which is applied based on social engineering. That is, as a promise of reward to the user.
Finally, there are Pix scams related to cloned WhatsApp, fake profiles in the messaging app, as well as fake call centers.
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Image: Andrzej Rostek / Shutterstock.com