Pix update will bring new security mechanisms; understand

Since its launch, Pix has been a lifesaver and has eased the process of transferring money for consumers and businesses. However, not everything is perfect and some issues need to be improved, such as security mechanisms.

To meet this demand, the Pix update will bring features to improve the user experience.

According to information from the Central Bank (BC), users will have an improved experience with notification of violations and consultation of information linked to customer keys. This will ensure greater security for everyone.

The BC assured that the tool will have “more qualified information”, facilitating the actions of financial institutions to prevent fraud. The new features will be available to the public from November 5th.

What will change with the Pix update?

In a note, the Central Bank explained how the Pix update will improve security mechanisms for customers.

First, the violation notification will flag the keys and users in case of suspected fraud in the transaction. The notification will allow you to specify the type of suspicious action, whether it be a scam, fraud, account hacking, coercion, among others.

Furthermore, users will be able to identify the type of fraud, such as in cases of accounts opened under false pretenses or “orange” accounts.

Another update will be the consultation of security information stored under Pix transactions. This information will be available to financial institutions in case of analysis of suspected fraud in a Pix transfer.

The information includes the number of notifications regarding this account, such as violations, participants, and linked accounts. In addition, the information will be kept for a longer period. Currently, it is six months, but will be up to five years.

Finally, the BC will include an additional step in the Pix registration process in the update. A new step will be inserted in the registration process with a security self-assessment questionnaire. This will serve to ensure that institutions meet the “technical requirements”.