The Central Bank defined new measures for overnight transfers via Pix. The resolution, which took effect on October 4, 2021, affects all financial institutions registered with the agency and aims to curb fraud and crimes that use the instant payment tool. Below, I’ll explain the rules of Pix limits for overnight transfers.
The most impactful measure on users’ daily lives is that, from now on, banks will impose a maximum limit of R$1,000 for transfers made via Pix between 8:00 pm and 6:00 am.
Fortunately, this transaction ceiling can be changed, but only at the customer’s request through the bank’s electronic service channels. The deadline for the request to be evaluated is from 24h to 48h — before the change was made instantly by some institutions. The new limit also applies to DOC and TED transfers.
The Central Bank also defined that, until October 16, 2021, customers can negotiate with banks the approval of prepaid payment accounts or deposits that can receive Pix above the nightly limit of R$1,000.
These restrictions aim to curb crimes and frauds that use the tool. One of the most common occurrences is lightning kidnapping: according to a survey by the SSP (Secretary of Public Security) of the State of São Paulo, this type of crime increased 39.1% between November 2020 — when Pix was launched — and August 2021.
Importantly, the new rules are valid for transactions between individuals, including individual microentrepreneurs (MEIs). Legal entity accounts were not affected by these measures.
Other Pix Changes
In addition to the night time limit, the Central Bank also defined new measures for the Pix, aiming to encourage financial institutions to improve their security mechanisms and fraud analysis. The following changes take effect on November 16, 2021:
- Precautionary Block: the institution that holds the account of the individual receiving user can prevent the resources from being blocked for up to 72 hours in cases of suspected fraud. Whenever the precautionary block is triggered, the institution must immediately notify the receiving user;
- Notice of infringement: this functionality, which is now optional, should be mandatory for transactions rejected on grounds of suspected fraud. The objective is for institutions to register a marking in the Pix key, in the CPF/CNPJ of the user and in the account number when there is a well-founded suspicion of fraud. This information will be shared with other institutions whenever there is a query to a Pix key, giving more support to fraud prevention mechanisms;
- Expansion of the use of information for fraud prevention purposes: a new function will allow the query of information linked to Pix keys for security purposes. The objective is that this consultation is carried out to feed the participants’ fraud analysis mechanisms, including in processes that are not directly related to Pix;
- Additional mechanisms for data protection: Security mechanisms adopted by institutions must be, at least, equal to the mechanisms implemented by the BC, and institutions must define procedures for identifying and handling cases in which excessive Pix key queries occur, which do not result in settlement or invalid keys ;
- Increased accountability of institutions: according to the Pix Regulation, institutions that offer Pix to their customers have a duty to be responsible for fraud arising from failures in their own risk management mechanisms, including failure to comply with risk management measures. They must also use the information linked to the Pix keys as one of the factors to be considered for the purposes of authorization and rejection of transactions.
Okay, now you know the rules of Pix limits for nightly transfers, as well as what changes will be implemented by the Central Bank to make this tool more secure.