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After the INSS Requires Biometric Data to Release Credit, Consigned Loans for Retirees Fell from R$ 8.5 Billion to R$ 3.9 Billion Per Month.
The volume of consigned loans granted to retirees and pensioners has drastically decreased since the INSS started requiring biometric data to release credit.
The measure, implemented in May of this year, aims to curb fraud and protect beneficiaries who have reported undue charges and unrecognized loans.
According to data from the Central Bank, the average monthly value of new contracts plummeted from R$ 8.5 billion to R$ 3.9 billion.
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The decline occurred after the tightening of rules, which now require biometric validation directly through the Meu INSS app.
Biometric Data and Bank Blocking Mark a New Phase of Credit
The consigned loan is a type of credit where the installments are automatically deducted from the retirement or pension.
Due to its low risk of default, it usually has lower interest rates. However, the rise in fraud — with contracts made without authorization — led the INSS to intervene.
Among the measures adopted, the agency temporarily blocked new contracts and suspended 15 financial institutions involved in recurring complaints.
The main complaints involved unauthorized loans, difficulty in cancellation, and excessive calls to retirees.
Action Came After Alert from the Controllership General of the Union
An audit by the CGU (Controllership General of the Union) conducted in early 2024 had already pointed out failures in the supervision of consigned credit and recommended greater control.
Even so, the reinforcement of measures only came months later, when the INSS began receiving a growing volume of complaints about undue discounts and suspect associations linked to pension benefits.
With the system of facial biometric data now mandatory, the INSS hopes to reduce the risk of fraud and ensure that only the beneficiary can authorize new credit operations.
41% of Beneficiaries Have an Active Consigned Loan
Currently, Brazil has 41 million beneficiaries of the INSS, of which about 17 million have contracts for consigned loans, representing 41.4% of the total.
For the institute’s president, Gilberto Waller Junior, the moment is one of review and improvement of credit policy.
“The consigned loan needs a review to bring more security to this contracting. It is a secure credit because it has a discount on payroll and the beneficiary’s registration, but we need to ensure that it is really the beneficiary who is contracting,” explained Waller.
He announced that the INSS is studying the implementation of a dual verification in the credit request, using Gov.br gold or silver passwords, in addition to biometric data.
“We are thinking about adjustments to the normative instruction and systems, to allow other forms of blocking and ensure the authenticity of the contracting,” the president completed.
New Direct Confirmations with the Retiree
Another proposed study is that the discount on the pension benefit only be made after the beneficiary confirms the contracting with the INSS. This measure would prevent third parties from taking out loans without the retiree’s consent.
“It is not up to the INSS to decide if they want the contract, but we need to be sure that the manifestation of will is genuine,” Waller emphasized.
Specialist Warns of Attention to the Total Cost of the Debt
Despite the new rules increasing security, specialists warn that the consigned loan still requires caution.
The financial planner Leonardo Gomes recommends that retirees carefully analyze the impact of credit on the family budget.
“When analyzing the final proposal, it is very important to look at the total effective cost — which includes interest, fees, and charges. This way, the consumer knows exactly how much they will pay and if the debt fits in their budget,” said the specialist.
According to him, the consigned loan can be advantageous due to its reduced rates, but the ease of approval requires responsibility to avoid compromising monthly income.
The Future of Consigned Loans: Digital Security and Financial Education
The new measures from the INSS mark an advance in the fight against fraud and strengthen digital security in the social security system.
At the same time, specialists reinforce that it is essential to invest in financial education so that retirees understand how credit works and avoid indebtedness.
Therefore, the combination of technology, biometric verification, and transparency tends to transform the consigned credit market, making it more reliable and sustainable for millions of Brazilians.
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