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Reconfigurable Intelligent Surfaces (RISs) have been recently considered as an energy-efficient solution for future wireless networks. Their dynamic and low-power configuration enables coverage extension, massive connectivity, and low-latency communications. Channel estimation and signal recovery in RISbased systems are among the most critical technical challenges, due to the large number of unknown variables referring to the RIS unit elements and the transmitted signals. In this paper, we focus on the downlink of a RIS-assisted multi-user Multiple Input Single Output (MISO) communication system and present a joint channel estimation and signal recovery scheme based on the PARAllel FACtor (PARAFAC) decomposition. This decomposition unfolds the cascaded channel model and facilitates signal recovery using the Bilinear Generalized Approximate Message Passing (BiG-AMP) algorithm. The proposed method includes an alternating least squares algorithm to iteratively estimate the equivalent matrix, which consists of the transmitted signals and the channels between the base station and RIS, as well as the channels between the RIS and the multiple users. Our selective simulation results show that the proposed scheme outperforms a benchmark scheme that uses genie-aided information knowledge. We also provide insights on the impact of different RIS parameter settings on the proposed scheme.