Companies need to invest to avoid orange accounts and Pix scams

Pix moves and orange beads: Combat tools have several flaws. Know more!

Estimated reading time: 3 minutes

Technologies have been used in favor of security by various businesses and financial institutions. In recent years, modern and sophisticated systems have helped to combat fraud, especially those involving orange accounts and Pix scams.

From the point of view of experts interviewed by Valor Econômico, the use of various identity verification technologies, greater data sharing and a more agile response to fraud reports are some attitudes that financial institutions need to take to avoid scams with Pix and expansion of orange accounts.

For a report by Valor Econômico, the director of cyber intelligence at Axur, Thiago Bordini, pointed out that, although there are different tools to validate if a code is safe, it is still possible to find primary flaws even in applications from more mature institutions.

In addition to the authentication failure, Bordini also highlighted other points of vulnerability of companies, such as the absence of more assertive tools to identify fraud and orange accounts.

“Today, all Pix and other scams culminate in an orange bill. If the financial institution has a process that facilitates the detection or containment of transactions quickly, it is much easier”, said the expert.

Orange accounts are fake accounts opened by criminals using victims’ personal data to receive amounts from other people who are also victims of crimes. This type of action can, for example, leave an individual in debt if criminals take out too many loans.

In scams that use Pix, the crooks make use of the so-called social engineering, an action in which victims are deceived and, using the personal data passed by it, are able to transfer values ​​via Pix.

Central Bank wants to make Pix safer

The president of the Central Bank, Roberto Campos Neto, said he wants to hold financial institutions accountable that have accounts opened by criminals on behalf of clients, the so-called “orange accounts”. The objective is to decrease the amount of blows involving the Pix.

In a public hearing at the Consumer Protection Commission of the Chamber of Deputies, Neto said that the BC is “squeezing as much as possible so that banks do not have the capacity to host an ‘orange account’ or an intermediary account”.

Finally, the president of the Brazilian entity also stressed that the BC will begin to carry out a process in which financial institutions will be held responsible if a Pix fraud is carried out and they have an orange account.

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