The Pix system will implement significant changes to combat fraud, extending the deadline for contesting undue transfers from 30 to 80 days, starting on September 1st. This modification aims to assist users who take time to realize they have been victims of scams.
Additionally, there is continuous improvement in financial tracking after a fraud is detected. The goal is to monitor the amount even when it is transferred through multiple accounts.
Changes to the contestation and tracking process
The main change for the consumer takes effect on September 1st. Previously, the deadline to contest a fraudulent transaction was 30 days, but this will be extended to 80 days. This extension considers situations where the victim does not immediately identify the scam, as the alert may appear days later, including by third parties. The longer period also gives banks more time to locate and attempt to recover the funds.
In parallel, an operational change occurs behind the scenes. Since August 10th, banks have initiated more extensive tracking of funds moved via Pix after a fraud has been flagged. The system uses a specific tag linked to the transaction; if the money moves from one account to others, this identification follows the flow.
Improvements to the Special Return Mechanism (MED)
This expansion is linked to MED 2.0, the second version of the Special Return Mechanism. Previously, the system only mapped the first receiving account of the money. The update also focuses on curbing a frequent type of fraud affecting merchants and small entrepreneurs: the abusive use of the Special Return Mechanism, known as the 'MED scam.'
This fraudulent scheme operates in three simple phases. As a result, the bank blocks and returns the initial amount to the scammer, while the transfer made by the merchant remains guaranteed in the criminal's account, resulting in double loss for the entrepreneur. After receiving the amount, the fraudster can disperse it into several accounts, complicating the investigation. The new tagging allows tracking this sequence and attempting to identify all accounts involved in the movement.
Read more:
It is important to note that there is a limit to tracking: if the criminal withdraws the money, the monitoring may reach a point of no return. In summary, the changes increase the time available to report a fraud and make the search for the funds more comprehensive after the scam is identified. The news about the expansion of Pix tracking was originally published in Olhar Digital.