One crucial aspect that sports betting sites cannot overlook is the deposits and withdrawals area. StarsPay can help with this. The instant payment processor specializes in Cross Border payments, KYC, and the Brazilian and Latin American iGaming market. This enables operators to receive payments from various countries through a single integration, 24 hours a day, 7 days a week, without the need for a local entity.

Why is this important?

Imagine the following scenario: a user is influenced by an advertisement or, for some other reason, decides to open an account on a sports betting site. However, when making a deposit, they encounter a slow, inefficient, and insecure process. This could be enough for the consumer to decide to abandon the site and switch to another brand. In other words, after doing the hard part of attracting someone to the platform, the operator could lose the customer due to a process that should be among their top priorities.

The same happens during a withdrawal, a situation that requires even more care. If a user can become frustrated with a poor process when trying to deposit money into the site, imagine their reaction when a failure occurs during the withdrawal, especially after the bettor has been successful with their bets and wants to retrieve their money. In fact, studies have shown that ease and speed during withdrawals are among the main factors in users’ choices.

In other words, it’s not enough to have the largest number of markets and options available, generous promotions and bonuses, and a user-friendly site if the process of depositing and withdrawing funds becomes a painful experience for customers. To address this, there’s nothing better than relying on a specialized partner in the field, offering a five-star service filled with benefits.

The Role of StarsPay

For these reasons and more, StarsPay could be the missing key to your site’s success, providing the necessary tools to contribute to your business’s success across Latin America. It’s an opportunity to connect with your customers in their local currency through instant payments like Pix for Brazilians and SPEI for Mexicans, for example. This allows for a more convenient and innovative experience, increasing customer conversion.

Whether in Brazil, Mexico, Chile, Colombia, or Peru, StarsPay makes life easier for companies looking to embark on the “LATAM rocket.” Cross Border payments offer the best cost-benefit and speed, with remittances received in local currency directly into your bank account. Additionally, the crucial KYC process provides instant validation of users’ documents, assisting with best practices in compliance and Anti-Money Laundering (AML) measures.

Furthermore, the list of benefits for StarsPay customers includes:

• Zero Chargebacks
• Anti-fraud for local transactions
• 24/7 Bilingual Support
• Payment processing specialists
• Cash back for customers
• Best exchange rates

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The new general rule defined by BCB Resolution No. 402 will apply to access devices (cell phones or computers) used to initiate Pix transactions. Starting November 1 of this year, transfers initiated through unregistered devices will be limited to R$ 200 per transaction and up to R$ 1,000 per day. Transfers above this amount will be available only for devices previously registered by the customer.

“In order not to inconvenience users who already use a specific device, this registration requirement applies only to access devices that have never been used to initiate a Pix transaction,” says the statement, which also explains the motivation for the change. “This measure minimizes the probability of fraudsters using devices different from those used by the customer to manage keys and initiate Pix transactions. This will make it more difficult for fraud in which the malicious agent obtains, through theft or social engineering, people’s credentials, such as login and password.”

The Resolution also defines new procedures for banking institutions to increase the security of electronic transfers. Three points were described in the BC’s statement:

• Use a fraud risk management solution that includes security information stored at the Central Bank and is capable of identifying atypical Pix transactions or those not compatible with the customer’s profile;
• Provide, through an electronic channel widely accessible to customers, information about the precautions customers should take to avoid fraud;
• Verify at least once every six months if their customers have fraud markers in the BC’s database.

In the case of customers who have fraud markers, institutions must treat them differently, “either by ending the relationship or using a differentiated time limit to authorize transactions initiated by them and the precautionary blocking of received transactions,” says the statement. The BC’s note also clarifies that the agency will continue developing solutions to combat fraud and scams, focusing on the population’s security. “These improvements are part of the permanent security agenda discussed with leading financial market experts in the Strategic Security Group, coordinated by the BC within the Pix Forum,” says the text.

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This is one of the services offered by StarsPay, which provides a KYC provider. Through instant validation of user documents, client sites can ensure that everyone complies with best practices in compliance and anti-money laundering (AML), one of the main points of importance for KYC.

The procedure is mandatory for many companies dealing with financial services, being an important part of compliance, meaning the fulfillment of current regulations in each sector. For companies planning to operate with sports betting in a newly legalized market like Brazil, it is essential to stay up to date with best practices.

What Is the Importance of KYC?

The main objective of KYC is to ensure that each user is indeed a real person, with their identity and personal data known to the company. Thus, the importance of the process is to prevent fraud, money laundering, and other illegal activities, as it allows understanding who is accessing the platforms and their transactions.

KYC generally involves collecting basic information about the customer, such as name, address, date of birth, and identification number (like CPF in Brazil). Through the receipt and analysis of documents, it may also include verification of identity cards, passports, proof of address, and, in some cases, financial history. Other options like facial verification and biometrics have also gained popularity recently.

By verifying the identity of customers and monitoring their activities, financial institutions can identify and report suspicious transactions to the relevant authorities. This helps curb activities like money laundering and terrorist financing. Besides complying with current legislation regulations, companies avoid potential reputational risks that could occur if they were used for illegal activities.

Data Care

To protect themselves from potential fines from regulators or misuse by users, platforms require consumer data and monitor transactions. At the same time, users have the right to have their data protected and their privacy maintained.

Thus, one of the challenges of KYC is protecting this data from unauthorized access, leaks, or theft, which can lead to severe legal consequences. In Brazil, for example, the General Data Protection Law (LGPD) addresses this issue. Beyond legal issues, user trust in brands is also at stake, highlighting the importance of careful data handling.

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StarsPay has provided numerous resources to help online service users prevent fraud. For example, offering practical measures that consumers can take to avoid scams, more important tips to prevent online fraud, how not to fall for a famous Pix scam, and a golden rule when receiving phone calls.

Regarding Pix, the Central Bank of Brazil (BCB) states on its website that the system’s security is based on four dimensions. Check them out below in full:

User Authentication

Every transaction, including those related to managing Pix keys, can only be initiated in the secure environment of the user’s banking institution, accessed through a password or other security devices integrated into the mobile phone, such as biometric recognition, facial recognition, or the use of a token.

Transaction Traceability

Due to its technological design, all Pix operations are fully traceable, which allows the identification of accounts receiving funds from fraud/scams/crimes, enabling more decisive action by the police and the judiciary, unlike ATM withdrawals, for example.

Secure Information Traffic

Transaction information is transmitted in an encrypted manner over the National Financial System Network (RSFN), which is a network entirely separate from the internet and where Brazilian Payment System (SPB) transactions are processed. All Pix participants must issue security certificates to transact on this network. Additionally, all transaction information and personal data linked to Pix keys are stored in encrypted form in BCB’s internal systems.

Pix Operating Rules

The Pix regulation includes measures to mitigate fraud risk, such as:

• A provision that Pix participants (financial and payment institutions offering Pix to their clients) must be responsible for fraud within Pix due to failures in their risk management mechanisms;
• Protection mechanisms by the BCB and institutions that prevent scanning of personal information related to Pix keys;
• The possibility for institutions to set maximum transaction value limits based on their clients’ risk profiles. These limits may vary by transaction time, account ownership, service channel, and user authentication method, among others;
• The ability for users, through apps, to adjust the value limits set by institutions. Requests for reductions take immediate effect, while requests for increases are not immediate and require analysis by institutions to verify compatibility with the client’s profile;
• A differentiated maximum time for transaction authorization by participating institutions in cases of unusual transactions initiated by their clients with a high probability of fraud;
• An information center shared with all participants about Pix keys, account numbers, and CPF/CNPJ involved in fraudulent transactions;
• Dynamic QR Code generation allowed only for participants who send specific security certificates to the BCB; and
• Mechanisms that facilitate the blocking and eventual return of funds in case of fraud, such as precautionary blocking and the special refund mechanism.

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This past week, a new scam involving Pix became a hot topic on social media. Therefore, we have prepared another article on the subject of anti-fraud, explaining how the “wrong Pix” scam works and the simple measures that can prevent someone from falling victim to it.

How does it work?

The scam went viral after numerous influencer posts on the topic. It involves the scammers gaining access to personal data, an unexpected contact, and a detail that makes all the difference in convincing the victim. It all starts with a message received from a stranger. This person claims that a Pix transfer was mistakenly made to your account, asking for the amount to be refunded.

At this point, if the contacted person accesses their own account, they notice that they have indeed received an unexpected transfer in the same amount mentioned by the scammer, which adds credibility to the story. The scammer also uses elements of social engineering, highlighting the importance of this money in their budget and earnestly requesting that the amount be transferred to a new account.

Unaware that it is a scam, the victim makes the transfer, believing they are helping someone who made a mistake. It is at this moment that the scammer activates the Special Return Mechanism (MED), a resource created by the Central Bank precisely to combat fraud, claiming that they were a victim of a scam. The request is received by the bank, which analyzes the money movement and notices that the amount received in the victim’s account was quickly transferred to a third account, a common practice in scam cases.

Upon understanding that a fraud occurred, the bank deducts the corresponding amount from the victim’s balance, passing it to the scammer as if it were a legitimate return from an scam. Thus, the person is left without the amount they had received “by mistake” and also loses the same amount as if they had committed a fraud. For example, a person with R$1,000 in their account receives the “wrong Pix” of R$500 and ends up with R$1,500. After making the “refund,” they are back to R$1,000. However, with the activation of the MED and the bank’s analysis, another R$500 would be deducted from their account, leaving a final balance of R$500.

How to avoid it?

The good news is that some simple measures can prevent the user from falling for this scam. First, it is worth noting that any message received from an unknown number should be viewed with great suspicion, especially if the topic involves money, extra income opportunities, or similar subjects. In the vast majority of cases, it is a scam, even if it is less obvious in some cases.

The second point is that upon receiving an unexpected Pix and possibly by mistake, the person should activate the “Return money” option. This refund feature was also created by the Central Bank for mistaken transfers. When activated, it sends the received amount back to the account that sent it. Thus, if the scammer activates the MED, the analysis will show that there was no transfer of the amount to a third account, not constituting a scam and preventing the fraud from proceeding.

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The rules were defined in conjunction with the National Monetary Council (CMN) and, according to the note, “will reduce steps in online payments and enable the offering of Pix in digital wallets.” In other words, it will not be necessary to open the bank application to complete a payment, as it will be possible to use Pix in the mobile wallet in the same way as a contactless card.

The schedule released by the agency set July 31, 2024, as the date for defining specific regulations for the No-Redirect Payment Journey (JSR). Production tests are expected to begin on November 14, and by February 28, 2025, contactless Pix should be launched for the public, according to BC’s expectations.

Open Finance goes far beyond just contactless Pix. The new rules will allow more financial institutions to participate in the ecosystem, benefiting a larger percentage of users. With the definition of the definitive governance structure of Open Finance, the BC explains that the development of the structure will be faster.

“Open Finance already allows Brazilian consumers to access multiple benefits derived from solutions created by participating institutions (…),” the note says. “With Open Finance, financial institutions will create Super Apps, consolidating all these solutions and information into a single application, further facilitating the customer experience and offering new financial products and services.”

Additionally, this is not the only functionality arriving for Pix in the coming months. Even before contactless Pix, automatic Pix is set to debut on October 28, 2024. The new payment method will be similar to the currently authorized automatic debit in bank accounts and will now be possible through Pix.

Image from freepik

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In Latin America, another example of an instant payment method is SPEI, the “Mexican Pix.” Created by the Bank of Mexico, the system allows electronic transfers between bank accounts conveniently through a computer or mobile device. For StarsPay customers, it is possible to offer both Pix and SPEI transactions in a single integration.

The Security of SPEI

Just like in Brazil, Mexicans can take some security measures to avoid information theft or the risk of fraud. The Bank of Mexico itself makes some recommendations on its website, emphasizing that operations are secure as they are processed through a private and protected network.

This private network uses security applications such as access control devices (firewalls) and information encryption. Thus, no one other than the bank receiving the payment can process the information. According to the Bank of Mexico, “this is a sufficient guarantee that no one can send payments in your name or alter them.”

Another layer of security exists in mobile banking applications or payment providers. To make a transfer, you need to use a security device, which can be a token or security card, ensuring that only the account owner can make the transactions.

The Bank makes four recommendations:

• Make your payments or transfers from home; avoid using equipment offered in public places such as libraries, schools, or cafes.
• When accessing your bank’s website, make sure the connection is secure (verify that the electronic address begins with “https” or that the lock symbol appears).
• Keep your computational equipment up to date and use antivirus software.
• Avoid using passwords that are easy to guess, such as your name or birthdate, and do not share them with anyone.

The Bank of Mexico’s page concludes by highlighting that the CONDUSEF (Mexico’s National Commission for the Protection and Defense of Financial Services Users) is available to those who need clarification.

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From January to April 2024, Brazilian users sent USD 3.7 billion to betting houses (BRL 20.9 billion at the current exchange rate). This amount represents an increase of 32.14% compared to the numbers recorded during the same period in 2023.

Still considering only the first four months of each year, the amount of prizes distributed by the betting houses went from USD 2.7 billion to USD 3.5 billion. The first quarter of 2023 generated revenue of USD 768 million for operators, a figure that exceeded USD 1 billion in 2024.

The numbers highlight the importance of advancing regulation and distributing licenses to operators. From then on, the Brazilian government will be able to start collecting taxes, which are likely to become a significant part of government revenue, one of the main arguments used for legalization.

A survey by CNN, conducted by Datahub, had already indicated the rapid evolution of the online betting sector in Brazil. From 2021 to April of this year, the number of companies in the market increased from 26 to 217, an increase of 734%. In just the first four months of 2024, another 79 companies were registered in the sector.

Another estimate that shows the strength of the Brazilian gaming market came from the Federation of Hotels, Restaurants, and Bars of the State of São Paulo (Fhoresp). According to the entity, if Bill (PL) 2.234/2022 is approved, authorizing the operation of casinos, bingo halls, and the jogo do bicho in the country, more than BRL 382 billion would be invested in the sector. In this scenario, Brazil would become the third-largest market in the world for this activity.

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On that day alone, 206.8 million transactions were made via Pix, surpassing the previous record of 201.6 million set on April 5. On the day of the latest record, the amount of money transferred was R$ 90.9 billion, solely through Pix, with an average value of R$ 439.41 per transaction.

On the following monday, the amount of money transferred was even higher, exceding R$ 105 billion. Additionally, it is worth noting that the system had already set records in the two preceding days. Between June 5 and 6, more than 400 million Pix transactions were recorded, the highest number ever registered for a 48-hour period.

In a statement, the Central Bank said that “the numbers are yet another demonstration of the importance of PIX as a public digital infrastructure, promoting financial inclusion, innovation, and competition in the provision of payment services in Brazil.”

Pix and StarsPay

Pix has also established itself as one of the favorite methods in the world of sports betting, for both users and platforms. In this sector, StarsPay stands out as one of the main operators of Pix for sports betting in Brazil. Through the integration of StarsPay, sites can serve Brazilian customers via Pix and also operate in Mexico via SPEI, the “Mexican Pix.”

Pix Security

Pix is a secure method for making transfers, but certain precautions are necessary to avoid various types of fraud and scams that have emerged in recent years. StarsPay has released a guide to help you avoid the most common fraud involving Pix, as well as a link with important information against online scams.

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In recent years, instant payments have been revolutionizing how individuals and businesses handle money. They provide greater efficiency and convenience, facilitating commercial transactions and bringing more flexibility to the entire system.

Do you know how this system works? Check out the main components below:

Payment Identifiers

• Pix Keys: Identifiers that can be used to direct payments quickly and simply, such as CPF/CNPJ, phone number, email, or a random key.
• QR Codes: These can be static (for multiple payments of the same amount) or dynamic (for specific payments with variable information).

Payment Infrastructure

• SPB (Brazilian Payment System): The system that interconnects financial and payment institutions.
• DICT (Transactional Account Identifiers Directory): Manages Pix keys and ensures that the data associated with the keys is correct.

The step-by-step process of instant payment:

• Initiation: The user initiates a transaction through their bank or payment institution’s app. They can enter a Pix key, scan a QR code, or manually input the recipient’s details.
• Authentication and Authorization: The payer’s financial institution authenticates the user’s identity and verifies if there are sufficient funds. Next, the transaction is authorized by the payer’s financial institution.
• Sending Instructions: The payer’s financial institution sends the payment instructions to the SPB. The SPB processes the transaction and notifies the recipient’s financial institution.
• Receiving Funds: The recipient’s financial institution receives the notification and credits the amount to the beneficiary’s account. In this case, both the payer and the beneficiary are notified about the completion of the transaction.

What are the advantages of Instant Payment?

There are several advantages of instant payment, explaining the absolute success of methods like Pix and SPEI. In the past, it was necessary to wait, sometimes days, for a transfer to complete, which could only be carried out at certain times. Now, with instant payment, transactions occur in seconds, at any time of day, and every day of the year.

Another point is the cost, as transactions are cheaper than other transfer methods or even free. Simplicity and convenience also stand out, allowing users to use simple keys and perform real-time actions through bank apps, instead of needing to memorize account and branch numbers, for example.

Along with instant payments, valid concerns about the security of the system have also arisen. This is another advantage of this method, as the data is encrypted during transfer. Additionally, transactions are monitored in real-time to detect suspicious activity, which increases the reliability of the process.

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