On July 22, 2024, the Central Bank (BC) announced crucial changes to increase the security of the Pix instant payments system. The new measures, detailed in BCB Resolution No. 403 and scheduled to enter into force on November 1, 2024, aim to combat fraud and scams to ensure a safer environment for users.
These changes focus on restricting transactions from devices not previously registered with the bank, and imposing limits on electronic transfers to prevent fraudulent actions.
New Pix Safety Rules
As of November 2024, Pix access devices that are not registered with the bank will be subject to stricter restrictions. Specifically, transactions cannot exceed R$200 if the device is not registered. Furthermore, when using a new cell phone, the maximum daily transaction will be R$1,000.
To make transfers above these values, new devices must be pre-registered by the customer. This measure aims to prevent fraudsters from using unknown devices to commit fraud, thus increasing the security of transactions.
How will the central bank increase the security of Pix?
In addition to the limits on unregistered devices, the Central Bank has identified several other security measures that financial institutions will adopt as of November 2024:
- Implement fraud risk management solutions that use security data stored at the central bank, capable of detecting potentially abnormal or fraudulent transactions.
- Providing clear information about security practices in the electronic channels available to customers, helping them understand how to protect themselves from fraud.
- Review fraud identifications in the Central Bank's customer database every six months, and treat them appropriately if necessary.
Impact of changes on Pix users
Pix users will feel more secure when making their online transactions. If a fraudster gains access to a customer’s credentials, they will find it more difficult to perform important transactions, unless they use a pre-registered and approved device.
Furthermore, financial institutions will be responsible for educating their customers and providing clear guidance on how to avoid fraud and protect their bank accounts.
Importance of new measures
As Pix becomes more widely used in everyday transactions, new rules are essential to maintain public confidence in the instant payment system. By implementing these security measures, the Central Bank reaffirms its commitment to protecting users and ensuring the integrity of electronic transactions in Brazil.
These changes represent a major advance in the fight against fraud, ensuring that Pix users continue to enjoy a fast and efficient payment system, without compromising the security of their financial transactions.
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