From December 1st, financial institutions operating in the system must adopt their own mechanisms to monitor atypical movements in real time
published a resolution this Tuesday (18), establishing new requirements for direct participants in the Pix Instant Payment System (SPI). From December 1st of this year, financial institutions operating in the system must adopt their own mechanisms to monitor in real time atypical or potentially fraudulent movements in their Instant Payment Accounts (PI Accounts).
Signed by the director of BC’s Monetary Police, Nilton José Schneider David, the resolution aims to strengthen the security of instant transactions, forcing institutions to identify fraud based on “historical and behavioral patterns”. If deviations from expected parameters are detected, institutions must immediately stop processing suspicious transactions.
The SPI, managed by the Central Bank, is the infrastructure responsible for settling instant payments between different institutions in Brazil. The system, which began operating in November 2020, processes transactions in real time and uses PI Accounts, maintained by institutions at the BC, to settle payments.
In addition to monitoring measures, the new resolution also authorizes institutions to manually block and unblock instant payment orders directly from their PI Accounts. Institutions will be able to configure parameters, such as the minimum balance value and the degree of intensity for reporting atypical transactions. With the new rules, the Central Bank seeks to reinforce the security of the Pix system, which, despite its growth and popularity, has faced challenges related to fraud and financial crimes.
*With information from Estadão Conteúdo
