The Brazilian Central Bank has disclosed that fraudulent activities and system failures involving the PIX instant payment system have resulted in over £170 million in refunds. These incidents highlight ongoing concerns about the security and reliability of the platform.

The bank's findings indicate that a substantial portion of the losses stem from unauthorized transactions, phishing scams, and social engineering attacks. Additionally, technical glitches and system outages have contributed to the problem. The bank has emphasized the importance of consumer vigilance and has urged users to adopt strong security measures to protect their accounts.

To address these issues, the Central Bank has implemented various initiatives, including enhanced fraud detection systems, increased collaboration with law enforcement, and public awareness campaigns. However, experts caution that ongoing efforts are necessary to fully mitigate the risks associated with PIX and ensure the integrity of the payment system.