Hackers Attack Evertec's Sinqia in $77 Million Pix Breach, Affecting HSBC and Other Banks
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Aug 31 2025
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Should l Buy HSBC?
Source: TipRanks
Cyber Attack on Brazil's Pix Payment System
Incident Overview: Hackers attempted to steal approximately 420 million reais (around $77 million) from Brazil's Pix payment system, targeting Sinqia, a financial technology provider owned by Evertec (EVTC). The attack involved significant amounts, with about 380 million reais intended for HSBC Holdings Plc and 40 million reais for fintech Artta.
Central Bank Response: The Brazilian central bank intervened swiftly, blocking around 350 million reais before any transfers were completed. HSBC confirmed that no customer accounts or funds were compromised during the incident.
Sinqia's Actions: Sinqia reported that the breach was confined to the Pix system, with no personal data being leaked. The company has taken Pix offline and is in the process of enhancing the system's security controls, planning to relaunch only after regulatory approval.
Ongoing Risks in Financial Sector
Context of the Attack: This incident follows a similar attack on another Pix provider, C&M Software, just two months prior, which also involved substantial financial losses. The repeated breaches underscore the vulnerabilities faced by banks and fintech companies in Brazil as they integrate with instant payment networks.
Evertec's Position: Evertec, which acquired Sinqia in late 2023, remains a crucial player in Brazil's digital banking infrastructure. The company is collaborating with experts and federal police to investigate the recent breach.
Market Implications
Investor Sentiment: While current losses from the attack seem manageable, the frequency of attacks on Pix providers may erode trust in this vital financial tool.
Stock Performance: Evertec holds a Moderate Buy consensus among five analysts, with an average stock price target of $39, indicating a potential upside of 9.30% from its current price.
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Analyst Views on HSBC
About HSBC
HSBC Holdings plc (HSBC) is a banking and financial services company. Its business segments include Hong Kong, UK, Corporate and Institutional Banking (CIB), and International Wealth and Premier Banking (IWPB). Its Hong Kong business comprises retail banking and wealth and commercial banking of HSBC Hong Kong and Hang Seng Bank. Its UK business comprises UK retail banking and wealth (including first direct and M&S Bank) and UK commercial banking, including HSBC Innovation Bank. The CIB segment is formed from the integration of its commercial banking business (outside the UK and Hong Kong) with its global banking and markets business. The IWPB segment comprises premier banking outside of Hong Kong and the UK, its global private bank, and its asset management, insurance and investment distribution businesses. Its customers worldwide through a network covering 58 countries and territories. Its customers range from individual savers and investors to companies, governments and others.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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