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Scams related to Pix have surged since its launch, with criminals taking advantage of its simplicity and wide availability to conduct fraud. Also, the lack of digital banking experience among many newly banked makes that segment a target for social engineering. Estimates by the banks point out that scams can cause losses in the magnitude of 2.5 billion (or $500 million) this year against the Brazilian financial system, of which 70% would originate from Pix transactions. Despite its positive contributions, the security of transactions continues to be weak. In that regard, the Central Bank of Brazil is looking for ways to reinforce onboarding security, an official said this month at an event hosted by the local banking association. 

“If I know who paid and I know who sent the money, it easier to track (illicit) transactions,” Ricardo Mourão, head of Banking Operations at the central bank, was quoted as saying by local media. “We will make account opening more robust, with more identity data. This (issue) will be solved.”

Were any of the funds recovered? 

Agree - they are beyond the law - operating as if they were cross border whilst being very onshore.   

If the transaction happens entirely within Facebook/META then facebook/META are responsible for the brokerage of that transaction - this should not be a matter to be pursued by a letter - it should be resolved via an act of government.  Maybe Ed Davey can call his old mate Nick Clegg  whilst getting Nicks employer on the hook for these transactions.... I am sure Facebook is profiting from every one of these frauduent transactions.... sounds like they are similar to a  Money Service Business to me! An unregulated one! 

best wishes for a full recovery from the fintech community MB !!! 

How long has it taken for these Ponzi schemes to be seen for what they are.   Remote anonymity is open to exploitation?  Agree with you John - the rest of the world needs to follow suit..... sadly there are enough corrupt governments and gullible consumers around to keep the pyramid building going!  

Choice is something you dont realise the value of, until its gone.....  Poor (underbanked or disadvantaged) people dont use cash to launder money, they use it to access services,  Money launderers use cash but without electronic transfers - they cant scale the operation....  Freedom to speak your financial mind, via , cash OR  digital  is as important to me as the freedom to speak your political mind..... I may not respect what you say (or spend) but i will defend, to the death, your right to say or spend it!   When every penny of your financial life is logged and tracked, your autonomy is gone...  If a bit of crime is part of that, so be it,  BIG FRAUD is being performed via bank accounts and digital media....  small fraud is the three card monte on london bridge.. thats cash.

10.30..... To say Electronic payments are free and dont impact the world we live in, and that Cash costs us??  Does that mean that the whole VISA/MC/Amex/ Banking infrastructure runs for free (charity)... If you think cards payments are free then you dont understand the 4 party model at all. Merchants load card processing into their prices... Yes cash is more labour intensive - not necessarily cheaper or more expensive.

Dont go in there...... its a trap!!! 

I think you miss the point... Cash is legal tender, cash offers an alternative to individuals who do not want 100% of their spending habits to be tracked, cash provides a fallback in the event that hostile parties or technical failures impact digital payment processing and enable the underbanked to access services.  If cash is excluded from acceptance or is charged for at premium pricing - then the underbanked are disenfranchised completely, and we lose a valuable DR solution and alterative fallback option