Avoiding the PIX Payback Scam

If you’ve ever used Zelle in the US, you know how unforgiving it can be when you send money to the wrong person. In Brazil, however, PIX works differently. The Central Bank has established procedures to help users recover funds sent by mistake. Unfortunately, scammers have also found ways to exploit the system.

If you send a PIX payment to the wrong person or for the wrong amount, contact the recipient directly. You can also report the transaction to your bank. Although Brazilian law doesn’t require someone to return money they receive by mistake, the Brazilian Criminal Code does consider it a crime to keep funds that don’t belong to you.

If, on the other hand, you receive a PIX in error, the safest way to return it is to locate the mistaken transaction in your banking app and use the “refund” option to send it back. Don’t send a new PIX to the sender for the same amount. Otherwise, you could fall victim to a common scam.

Here’s how the scam works. A scammer “accidentally” sends you a PIX and then asks you to return the money by making a new transfer. Meanwhile, they also request a reversal through their bank, which pulls the original transfer back from your account. If you send a new PIX, the scammer walks away with double.

PIX was designed for speed and convenience, but mistakes happen. By following the correct procedures and exercising caution, you can help ensure that wrong transfers don’t result in unnecessary financial losses.