The new Pix security rules defined by the Central Bank (BC) come into force this Monday (2), with a focus on faster recovery of amounts transferred improperly.
Mechanisms to combat scams, fraud and cases of coercion were reinforced. The main new feature is the update of the Special Return Mechanism (MED), which now allows more efficient monitoring of the money path.
Funds will be tracked, even when they are quickly transferred to other accounts, a common practice in financial crimes.
With the new model, the Central Bank’s expectation is to significantly increase the value recovery rate and reduce the success of fraud. Experts estimate that the changes could reduce the number of scams considered successful by up to 40%.
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Another important front is the reinforcement of integration between banks, payment institutions and security agencies, in addition to expanding the use of self-service in applications, which makes the simpler and faster dispute for the user.
The BC clarifies that the MED should only be activated in the case of fraud, suspected fraud or operational error by financial institutions. The tool cannot be used in the case of Pix to wrong recipients entered by the user.
In October, the Central Bank had determined that all financial institutions offer the MED through a dispute button in their applications. The measure prepared the system for the adoption of the new rules.
What changes with Pix’s new rules
MED becomes mandatory: all banks and payment institutions that operate Pix must adopt version 2.0 of the Special Return Mechanism.
Tracking money between accounts: the refund is no longer restricted to the account that initially received the amount. The system starts tracking transfers to intermediary accounts.
Automatic blocking of suspicious accounts: Accounts with reported fraud can be blocked immediately, even before the analysis is completed.
Shorter return period: the Central Bank estimates that the amounts can be recovered within 11 days after the dispute, a shorter period than previously practiced.
Information sharing between institutions: bancos begin to exchange data on the path of money, which facilitates the blocking and refund of resources.
Self-service for disputes: The victim can request a refund directly through the bank’s application, without the need for human contact.
What an account holder should do in the event of a scam:
- The customer must dispute the transaction as soon as possible through the bank’s official channels;
- the originating institution informs the receiving institution within 30 minutes;
- Resources are blocked in the suspect’s account;
- The institutions analyze the case;
- If fraud is confirmed, the amount is returned;
- If there is no evidence, the money is released to the recipient.
Created in 2021, MED is one of Pix’s main security pillars. With the new rules, the Central Bank hopes to discourage the recurring use of accounts for financial crimes and expand the protection of users of the instant payment system.
