How to spot financial scams

In a nutshell

Almost every financial scam uses urgency, fear or an offer that is too good. The scammer wants you to act before you think. No bank ever asks for your password, security code or a "test Pix" by phone or message. Pix is Brazil's instant payment system. If you fall for a scam, tell your bank right away.

The most common scams

• Fake bank call center: someone calls saying they are from your bank and that there was a suspicious purchase. They ask for your password, a code you got by text message, or for you to install an app. Hang up and call the number on the back of your card yourself.
• Test Pix: the scammer says they need to "test" or "validate" your account and asks for a small Pix transfer. There is no such thing as a test Pix. After the first one comes a request for a bigger amount.
• Tampered boleto: a boleto, Brazil's printed or digital payment slip, arrives by email or message with its code changed. The money goes to someone else. Before paying, check that the payee's name and the amount shown in your banking app match who you owe.
• Fake loan: they promise easy money, even to people with bad credit, but charge a "release fee" first. A real loan doesn't charge an upfront payment to release the money.
• Cloned relative profile: a WhatsApp message arrives with a photo of your child or grandchild, saying they changed numbers and need to pay an urgent bill. Call the person's old number before sending anything.
• Fake link: messages about a prize, a held delivery or a debt to pay lead to pages that copy well-known sites. Don't click. Open the official app on your own.

Example

Rita needs R$ 5,000. She sees an ad for a loan "approved instantly". The agent says that to release the money she must first pay a R$ 300 fee. Rita sends the Pix.

The next day, they ask for R$ 200 more for "mandatory insurance". Rita pays again.

• Total Rita paid: R$ 300 + R$ 200 = R$ 500.
• Total Rita received: R$ 0.
• The R$ 5,000 never arrives. Rita lost R$ 500 and still has no loan.

The warning sign was in the first request: paying in order to receive a loan.

Step by step

1. Agree on a household rule: no urgent payment without first calling the person or the bank at a number you already know.
2. Hang up on any call that asks for a password, a code, a test Pix or installing an app.
3. Before paying a boleto, check the payee's name and the amount on your bank's screen.
4. If you fall for a Pix scam, dispute the transaction right away in your bank's app, in the Pix area, or through customer service. This triggers the MED, the Special Return Mechanism for fraud, which can be requested up to 80 days after the Pix. The sooner you act, the better the chance. The MED does not guarantee a refund: it depends on the case review and on there still being money in the receiving account. If your bank doesn't resolve it, you can file a complaint with Brazil's Central Bank. The MED is for scams and fraud. It does not cover a Pix you sent by mistake to the wrong person, or a dispute over a product or service.
5. File a police report, which in many Brazilian states can be done online, and keep receipts and conversations.
6. Record the loss as an expense in Meu Gasto, so your monthly plan keeps showing reality.

Common mistakes

• Following the caller's instructions. Hang up and call the bank yourself at the official number.
• Waiting to see if the money comes back. Time matters. Tell the bank right away and ask for the MED.
• Paying a boleto without checking the payee. The code may have been changed. Check the name before you confirm.
• Being ashamed to tell anyone. Scams hit people of all ages. Talking to your family and your bank improves the chance of fixing it and protects others.
• Typing your bank password into apps. Meu Gasto never asks for your bank password. The app doesn't connect to your bank account and doesn't make payments.