Brazil’s Central Bank adopts measures to increase security of its instant payment system PIX

RIO DE JANEIRO, BRAZIL – The Central Bank will soon announce measures to increase the security of PIX, said Friday its president, Roberto Campos Neto, citing a possibility of rules so that users can choose times to block the service.

The announcement, made at a Febraban-sponsored event, comes after news reports of an increase in kidnappings and robberies in which money was transferred through PIX.

“It is essential to send the message that we will do everything possible and imaginable to make the system as safe as possible and serve the greatest number of people,” Campos Neto said at the Esfera Brasil event.

He indicated that it is possible to become a victim of a crime even with TEDs and DOCs. The use of automated teller machines (ATMs) must also be adapted to improve security. For Campos Neto, the PIX has the advantage of allowing faster tracking of accounts – either stand-ins or criminals themselves – involved in possible fraud and crime.

“The PIX will help in this sense because it is faster to track than the TED and the DOC,” he said.

Campos Neto stressed that the PIX, which was introduced last year amid the pandemic, was an important tool to promote banking and drove new business models. According to the central bank, 294.1 million keys were registered for the system, which is used by the population as its main means of payment.