PIX, Brazil's instant payment system, has faced challenges with fraud and technical issues, resulting in over £170 million in refunds since its launch in November 2020. The Central Bank of Brazil has acknowledged these concerns and is working to address them.

According to the Central Bank, the majority of fraudulent transactions involve social engineering tactics, where criminals trick victims into providing sensitive information or making unauthorized payments. Technical glitches have also contributed to the issue, causing delays or incorrect transfers.

To mitigate these challenges, the Central Bank has implemented measures such as enhanced security protocols, user education campaigns, and collaboration with financial institutions to identify and prevent fraudulent activities. The bank has also encouraged users to report any suspicious transactions promptly and to exercise caution when making payments.