Mercado Pago Announces Insurance for Pix Crimes and Scams; see how it works

Mercado Pago, Mercado Livre's digital financial institution (MELI34), announced last Wednesday (13th) a new type of insurance for its clients. The service promises to protect users against crimes carried out by duress or theft through Pix.

The insurance was created in conjunction with BNP Paribas Cardif , as part of a package that will be offered to more than 11 million Mercado Pago card customers.

The indemnity can reach up to R$ 10 thousand. In addition, it covers not only thefts made through Pix, but also against loss, theft, death or disability as a result of crimes.

Insurance Details

Mercado Pago has created two types of insurance plans against Pix crimes. The first has a monthly cost of R$3.50 and covers losses with indemnity of up to R$5,000. The other, with a monthly amount of R$ 5, indemnifies up to R$ 10 thousand in losses.

In short, the big difference between them is value, as the two promise to indemnify customers forced to transfer resources under threat of physical damage. Thus, the insurance is also valid for withdrawals under coercion at ATMs and situations such as theft of a purse containing the card, as long as the crimes are notified within a certain period.

“We have well mapped the behavior of our customers and we understand that this insurance can help”, says Tulio Oliveira, vice-president of Mercado Pago.

Paid Market Platform

Crimes increase by 39% after Pix

In short, Pix started its performance in November of last year. Since then, criminals use the resource to apply scams more easily, blackmailing the victim and requesting instant payment of large amounts.

According to the Secretariat of Public Security of São Paulo, in the first half of this year, the state registered 206 occurrences of lightning kidnappings. This represents a growth of 39% compared to 2020.

On the other hand, it is noteworthy that there were not so many occurrences of lightning kidnappings in recent years until the implementation of the PIX.

The Mercado Pago content advertises insurance for crimes and scams committed by Pix; see how it works first appeared in Cointimes .

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