In today’s rapidly evolving digital payment environment, security is essential. Today, I want to share my perspective on how Pix stacks up against credit cards on this front, and the important advances that the Central Bank of Brazil is implementing to make instant payments increasingly secure.
Let’s dive into some data to better understand the current landscape of financial fraud and scams in Brazil. The 2025 Digital Identity and Fraud Report by Serasa Experian offers some key insights.
The study was conducted with Brazilian consumers from various social backgrounds and aimed to identify users’ main concerns regarding digital fraud attempts. Among the most frequently cited scams is the misuse of credit cards by third parties or the use of counterfeit cards, topping the list of reported incidents. Looking deeper into the results, one contradiction stood out between perceived risk and actual fraud rates:
- 48% of respondents reported being victims of credit card fraud in 2024 (up from 39% in 2023).
- Despite general mistrust, scams involving Pix were lower, affecting 33% of those surveyed.
- 51% of participants said they knew someone who had experienced a credit card scam.
In essence, according to this study, the data suggests that Pix is less susceptible to fraud than credit cards.
Conflicting Views & Deeper Analysis
However, this conclusion faces challenges. Abecs, the Brazilian association representing various players in the card industry, claims that in June 2024, there were 8 fraud attempts per 100,000 authenticated and approved credit card transactions, while Pix recorded 12 frauds per 100,000 transactions in the same period.
This assessment contrasts with the Central Bank’s view. In July of last year, then-president Roberto Campos Neto criticized what he called “narratives far from reality” regarding Pix security, a statement highlighted by CNN Brasil. According to the Central Bank’s own data, Pix recorded 7 frauds per 100,000 transactions, whereas credit cards had a much higher rate: 30 frauds per 100,000 transactions. Campos Neto also compared Pix to the UK’s equivalent system, Faster Payments, which reports around 100 frauds per 100,000 transactions, making Pix comparatively much safer.
The debate doesn’t stop there. Experts interviewed by Valor Econômico criticized Abecs’s methodology. Their study considered all Pix transactions without distinguishing their nature, or those that resemble credit card operations like consumer-to-business (C2B or P2B) payments. This distinction is essential, since many Pix-related fraud cases occur in peer-to-peer (P2P) transfers, whereas payments from individuals to businesses (P2B) have a lower risk profile and, as such, don’t even fall under the scope of the Special Refund Mechanism (MED), an operational safeguard which will be explained later.
It’s also important to acknowledge that fraud typologies and tracking methodologies vary across payment methods. Some analysts argue that a more accurate measure would be to assess the total monetary value lost to fraud, rather than just the number of affected transactions. In a scenario shaped by different approaches and interpretations, financial institutions and regulatory bodies must continuously improve their security processes, regardless of payment method or transaction nature.
The Central Bank’s Commitment to Pix Security
On that front, the Central Bank has consistently demonstrated its commitment to enhancing Pix security. In March of this year, it was announced that financial institutions must delete Pix keys associated with individuals and businesses whose taxpayer status is irregular according to the Brazilian Federal Revenue Service. It’s worth noting that this “irregularity” refers to registration status, not unpaid tax obligations.
The process involves the Central Bank sending a list of flagged CPFs (individual taxpayer IDs) and CNPJs (business registration numbers) to financial institutions. Institutions then have one month to verify this information, removing Pix keys if a registration status is “suspended,” “canceled,” “terminated,” or “null”.
This measure aims to prevent fraud schemes involving false or inconsistent records, such as the creation of accounts under names that do not match the real account holder, a common tactic in scams. Non-compliance could result in fines for banks and financial service providers.
In April, the Central Bank introduced another update: starting October 1, 2025, banks will be required to provide a self-service option within their mobile apps for accessing the Special Refund Mechanism (MED). This new feature will allow victims of fraud or scams to request a Pix refund directly through the app, without needing to contact the bank’s customer support.
Building a Trustworthy Payment Ecosystem
Ultimately, the debate isn’t just about whether Pix or credit cards are more secure. What truly matters is building a trustworthy payment ecosystem for everyone: businesses and consumers alike. In a context where digital security is increasingly crucial, initiatives like those led by the Central Bank to strengthen Pix protections are indispensable. Combating fraud demands constant upgrades to prevention tools and greater transparency in data management. These are fundamental to preserving user confidence and ensuring the long-term credibility of our digital payment ecosystems.
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