Research reveals that four in ten Brazilians have already been exposed to Pix scam attempts

A survey revealed that Four out of ten Brazilians have already attempted a coup with PixAbout 9% of Brazilians have already been victims of criminal acts.

The information is contained in the study “Scams with Pix in Brazil” published yesterday (05) by fintech Silverguard. Data was consulted on the Pix Refund Mechanism (MED), a Central Bank (BC) tool that makes it possible to refund money in the event of fraud or operational error.

The survey shows that all social classes are victims of scammers. ButDE classes are the main victimsrepresents 16% of scams. On the other hand, class B is the least affected class, representing 6% of crimes.

One of the highlights is that 78% of the victims interviewed have been involved in the Pix scam more than once.

When looking at the age group, Brazilians of all ages are affected. However, the elderly suffer much more because young people (18 to 39 years old) are exposed to scams worth an average of R$680, Seniors are exposed to an average of R$5.4k scam.

“Fraud is more ruthless with the elderly, as many are retired and there is no way to rebuild assets accumulated over a lifetime,” said Marcia Netto, Silverguard CEO.

Social media as bait

Research on Pix scams clearly shows that: Social networks are used as bait by criminals. According to the survey, seven out of ten scams with Pix are initiated by Meta platforms.

WhatsApp is at the forefront of this notorious issue as the main way to attract victims over the age of 40. Young people aged 18-39 show more interest in Facebook and Instagram.

Another worrying fact is that despite the existence of MED, most victims do not get their money back. Nine out of ten people involved in some kind of criminal case were unable to get their money back. And in fact, a third of victims don’t even try to get their lost money back.

Only 45% of victims signed up for the coup’s Event Bulletin (BO); which means this number is underreported by official Brazilian public safety sources. And the smaller the damage, the lower the BO rate performed. What to do to report a scam with Pix?

How do I report a Pix scam?

Silverguard has put together a guide on how people should act if they fall victim to the Pix scam. Check out the step-by-step instructions below:

• Contact the financial institution: Report fraud as soon as possible through a digital channel such as an app or the phone number of the bank where the PIX was produced;
• document the fraud: capture a screenshot showing, for example, device conversations (mobile phone or computer);
• Coup Incident Bulletin Registration: Reporting of the coup is essential, as the police will conduct their investigation of your case through this recording;
• Contact the bank responsible for the PIX target account.