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Evertec, Inc. (NYSE:EVTC), a $2.28 billion payment processing company with strong financial health according to InvestingPro analysis, disclosed Tuesday that its Brazilian subsidiary, Sinqia S.A., identified unauthorized activity in its environment of the Brazilian Central Bank real-time payment system known as Pix. The incident, which occurred on Friday, involved approximately R$710 million in unauthorized transactions affecting two financial institution customers using Sinqia’s Pix transaction processing services.
Upon detecting the activity, Sinqia halted transaction processing in its Pix environment and engaged external cybersecurity forensics experts. The Brazilian Central Bank subsequently informed Sinqia that it would not be permitted to resume processing transactions in the Brazilian Payments System (SPB) and Pix until the actions taken by Sinqia are reviewed and approved by the regulator.
According to the company’s statement, the unauthorized transactions were introduced by exploiting the credentials of legitimate Sinqia IT vendors. Sinqia has terminated access to these credentials. Preliminary forensic analysis indicates that the incident is limited to Sinqia’s Pix environment, with no evidence of unauthorized activity in other Sinqia systems or Evertec products and services. The company also stated that there is no indication any personal data has been compromised.
Sinqia communicated with federal and state law enforcement authorities in Brazil, as well as with the affected financial institution customers. The company reported that a portion of the unauthorized amount has been recovered, and recovery efforts are ongoing.
The Pix environment affected by the incident is used by 24 financial institution customers. While Evertec noted that the financial and reputational impact of the incident, as well as any potential effect on internal controls, are not yet known and could be material, the company maintains strong liquidity with a current ratio of 2.2 and has demonstrated consistent growth with revenue increasing approximately 13% over the last twelve months. The company has not determined the scope of any liability, insurance coverage, or claims against third parties related to the incident.
Evertec stated it is working to obtain approval from the Brazilian Central Bank to resume transaction processing. The information is based on a press release statement included in the company’s SEC filing.
In other recent news, Evertec Inc . announced a significant achievement in its second-quarter 2025 financial results, surpassing analyst expectations. The company reported an adjusted earnings per share of $0.89, beating the forecasted $0.85. Additionally, Evertec’s revenue reached $230 million, exceeding the anticipated $222.23 million. In another development, Evertec has entered a definitive agreement to acquire a 75% stake in Tecnobank Tecnologia Bancária S.A. for approximately $144 million. This acquisition will be financed using Evertec’s existing liquidity and is pending approval from Brazil’s Administrative Council for Economic Defense. These recent developments highlight Evertec’s strategic moves in expanding its operations and financial performance.
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