The central bank says security is vital to Pix business

With the debut Pixel -Scheduled on November 16th, users have increased concerns about possible fraud involving transactions.but Central bank The participating agencies signal that they will take measures to ensure system security from the beginning.

At the MobiShop seminar, by Moving timeCarlos Brandt, Deputy Minister of Competition and Financial Market Structure at the Central Bank, explained that since the system was conceived, security issues have been regarded as the core pillar of Pix. He declared: “We have the greatest security experts discussing (this topic)”.

Pix in the Caixa app (Photo: Emerson Alecrim/Tecnoblog)

Pix in the Caixa app (Photo: Emerson Alecrim/Tecnoblog)

In fact, when Pix debuts, there will be many security mechanisms. One of them involves authorizing participating financial institutions to apply value restrictions related to certain standards and alleviating any restrictions as system experience develops.

In the seminar held in early October, Brazilian Banking Association (Feraban) For example, according to the time or day of the week from November 2020 to February 2021, transmission via Pix may have different restrictions.

The transaction may also undergo rigorous analysis before it becomes effective. Generally, each payment or transfer operation must be performed within 10 seconds, but if the institution identifies a transaction that does not belong to the customer’s personal data, it will take up to 30 minutes to perform anti-fraud analysis or 60 minutes if the transaction is held at night.

In general, financial institutions pay more attention to risk factors outside the control of the system: fraud based on social engineering. For example, fear that criminals will use WhatsApp to deceive Pix users.

Brandt said the agency will have a mechanism to track atypical transactions, including transactions under duress. This may be a way to stop social engineering fraud. However, it can be expected that these institutions will also take actions to educate customers about the risks of using methods through e-mail, instant messaging, etc.

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