Frauds from FGTS cause losses of R $ 2 million per month

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According to O Globo, the scams involving the emergency withdrawal from the Severance Indemnity Fund (FGTS) already reach Caixa’s monthly losses of R $ 2 million. People close to the banking institution reported an increase in fraud involving the R $ 1,045 benefit, which was released during the pandemic.

FGTS withdrawals total payments of approximately R $ 6 billion per month. That is, even with the high number, the damage from the scams still represents a small portion of the program’s users.

In a note sent to the press, Caixa said that the scams affect few accounts and represent only 1% of Caixa Tem app accesses.

How the scam works

FGTS fraud starts with the use of user information, such as the CPF. The scammer uses the victim’s data to register with Caixa Tem and, using a fake email, to get the money from the account.

The main problem with the application is the lack of identity verification. According to O Globo, the platform does not have means of authentication, which ends up making life easier for those who apply the scams.

Recently, the Federal Police dismantled a gang that was carrying out fraud and generated losses of around R $ 2 million. According to those responsible for the operation, eight people were arrested, including a Caixa employee.

Capital opening

The scams involving the Caixa Tem application arrive at a bad time for the Brazilian bank. The government recently announced that it intends to make an initial public offering (IPO) with the digital division of the financial institution.

In addition to FGTS withdrawals, Caixa Tem is also the platform responsible for paying emergency aid. Despite having a large number of users, the app also occasionally generates revolt, as it suffers from technical problems because of the high demand from beneficiaries.


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