Pix gains security improvements to prevent fraudulent transfers

The Central Bank (BC) announced this Tuesday (2). It will improve Pix’s security mechanismsby updating two already existing functions to strengthen anti-fraud actions instant payment system. “Notice of violation” is one of them.

With this feature, financial institutions, tagging keys and users suspected of transaction fraud. The update will introduce new fields to specify the reason for the signal, such as fraud, embezzlement or account invasion, and to identify the type of action, such as an account opened with ideological fraud.

“Information query connected to Pix keys for security purposes” is another developed tool. In this case, the financial authority reformulated the information presented to banks as part of the anti-fraud analysis of transfers made by the BC system.

The mechanism will include the amount of orange bill or fraudulent misrepresentation offenses for a particular user or key, the number of participants who accepted the breach notification for that person or key, and accounts associated with the client. Data will be available for periods up to five years instead of the current six months.

Valid from November

Developed in partnership with the Strategic Security Group (GE-SEG), New measures to improve Pix’s security will take effect from November 5. According to BC, longer time is required due to adjustments to implement changes in the systems of bodies and financial institutions.

For Pix Management and Operations Management consultant Breno Lobo, the improvements will increase the efficiency of anti-fraud tools. With them, banks and other institutions will have new subsidies to improve their systems to avoid unauthorized transactions.

“In practice, organizations will be better able to act preventively (by rejecting fraudulent transactions or cautiously blocking resources) and ultimately this will provide greater protection for users.”