Although it made life easier for Brazilians, the pix became a target for criminals. With an eye on cases of “Pix kidnapping”, the PagSeguro started offering a service to cover digital transfers made under duress: the PagBank Seguro Pix🇧🇷 The new product was announced this Wednesday (23rd) and also offers monthly sweepstakes worth R$30,000 to subscribers.
The launch targets cases of extortion during the theft of cell phones, for example. And the concern is not in vain: in January, FecomercioSP suggested restrictions to contain the increase in kidnappings and fraud involving Pix. In 2021, I also revealed on Technoblog how easy it was to increase the Pix limit in good parts of the banksreducing the effectiveness of the payment platform’s security system.
The Central Bank came to apply some restrictions🇧🇷 The problem, however, has not been fully resolved. And that’s where services like PagBank Seguro Pix come in to protect account holders in cases of digital transactions. Thus, the institution provides financial support to victims of coercion.
Covering BRL 10,000, the insurance covers withdrawals, purchases, Pix or TED under duress. The service guarantees compensation for losses incurred by the holder when forced to withdraw money, purchases or make digital transfers. The application occurs when the user or family member is threatened with bodily harm if the transaction is not carried out.
But there is a deadline to resort to insurance. According to the description found in the PagBank application, the service will only be valid for debts that have been incurred within 96 hours prior to the communication of the fact to the insurer. That is, it is important to report the incident as soon as possible.
PagBank Seguro Pix covers accidental death and more
The insurance also offers coverage of R$ 10,000 for accidental death and total permanent disability due to an accident. Another benefit of the product is part of the subscription to Coursera, an online course platform, included at no additional cost to contractors. Finally, there is a monthly raffle with prizes of R$30,000, including income tax.
PagBank Seguro Pix costs BRL 4.90 per month and only covers digital transactions carried out by PagBank accounts. To sign the insurance, you need to perform the following step by step:
- Access PagBank on your cell phone;
- On the home page, select the “Products and Services” tab;
- Choose the “Insurance” option;
- Tap “PagBank Seguro Pix”;
- Read the terms and press “Contract”;
- Finish with “Confirm Hiring”.
Insurance will be enabled shortly thereafter. Payment will be made by debiting the account on the day PagBank Seguro Pix is hired.
Banks launch insurance for digital transactions
Cell phone theft is on the radar of financial institutions. After all, the 2022 Brazilian Yearbook of Public Security points out that the digitization of finance is a process that, unfortunately, has given traction to crimes that induce transactions by embezzlement. Criminals also take advantage of the situation to “clean” bank accounts by subtracting smartphones.
All of this results in a sad reality: in 2021 alone, at least one cell phone was stolen or stolen per minute in Brazil. Meanwhile, banks are offering solutions to stem the damage caused by account takeovers or duress transfers. It is the case of Bank of Brazilwhich launched cell phone theft insurance that also covers transactions carried out under physical duress.
THE Bradesco Seguros announced a product that follows another proposal🇧🇷 In addition to transactions under threat, the Digital Protection Insurance covers undue transactions made by third parties after loss, theft or theft of the cell phone. This includes Pix, TED and DOC, payments for unauthorized bills and cell phone recharges – the insured person’s smartphone is not covered.
O C6 Bankin partnership with Zurich, presented the C6 Account Insurance🇧🇷 Modality covers transactions made under threat, kidnapping, robbery or qualified robbery, including Pix, purchases and looting. Also in partnership with BNP Paribas Cardif, O Mercado Pago launched a similar product for Pix transfers under duress🇧🇷
Finally, We have the Santander with Transaction Insurance🇧🇷 The service also handles transfers via Pix, DOC, TED and TEF under threat. But situations of scams and fraud in which the consumer is tricked into carrying out the transaction are not covered by the Spanish bank’s product.