By San José, Costa Rica — SAN JOSÉ – With Black Friday just days away on November 28, thousands of Costa Rican consumers are preparing to hunt for bargains. However, the country’s leading financial organizations are issuing a unified warning: strategic planning and heightened vigilance are essential to prevent the shopping holiday from turning into a financial nightmare.
The call for caution comes amid optimistic economic forecasts. The Chamber of Commerce of Costa Rica (CCCR) projects that commercial activity during the crucial November and December period will see a growth of nearly 5% compared to the previous year. This surge is expected to inject an additional ¢41,000 million into the economy, highlighting the high stakes for both retailers and consumers.
To better understand the legal framework surrounding consumer rights and business obligations during this intense commercial period, we sought the expertise of Lic. Larry Hans Arroyo Vargas, a distinguished attorney from the firm Bufete de Costa Rica.
Black Friday promotions constitute a formal offer, and businesses are legally obligated to honor the advertised price. Consumers must be vigilant against deceptive practices, such as inflating the ‘original’ price to exaggerate a discount. It is critical to remember that any product purchased, even at a promotional price, is fully covered by the legal warranty. A reduced price does not reduce your consumer rights.
Lic. Larry Hans Arroyo Vargas, Attorney at Law, Bufete de Costa Rica
This crucial reminder underscores that a good deal is not just about the price, but also about the integrity of the offer and the full protection of consumer rights. We thank Lic. Larry Hans Arroyo Vargas for his valuable perspective, which empowers shoppers to navigate the Black Friday landscape with greater awareness and legal certainty.
In a joint effort to protect consumers, the Costa Rican Banking Association (ABC) and the Chamber of Banks and Financial Institutions of Costa Rica (CBF) have released a comprehensive set of recommendations. The organizations are urging the public to engage in responsible, planned, and secure purchasing, whether in physical stores or online, as fraudsters are known to ramp up their activities during this peak shopping season.
The first line of defense is meticulous planning. Financial experts advise shoppers to create a detailed list of genuine needs to counteract the high-pressure environment of impulse buying. Establishing a firm budget and sticking to it is crucial. Furthermore, consumers are encouraged to research the market prices of desired products beforehand to differentiate between legitimate discounts and misleading promotions designed to create a false sense of urgency.
When shopping in person, physical security remains paramount. The banking associations stress that cardholders should never lose sight of their credit or debit cards during a transaction. It is vital to insist that payments are processed in your presence and to verify the amount on the terminal before entering a PIN or approving the purchase. PINs should be memorized and entered discreetly, and carrying large amounts of cash is strongly discouraged.
The digital marketplace presents a more complex set of challenges. For online shoppers, cybersecurity is non-negotiable. The ABC and CBF recommend making purchases exclusively from websites that use the “https” protocol, indicated by a padlock icon in the browser’s address bar. For less-established online stores, it is wise to check independent reviews and customer ratings before providing any payment information.
Further digital safety measures include activating two-factor authentication whenever available and avoiding the use of public Wi-Fi networks for transactions due to security vulnerabilities; a VPN is recommended if public access is unavoidable. Consumers must be wary of unsolicited links in emails or messages, even if they appear to be from known contacts, as accounts can be compromised. Using strong, unique passwords for each e-commerce site is a fundamental practice to prevent credential stuffing attacks.
Finally, both organizations emphasize the importance of proactive account monitoring. Shoppers should regularly check bank notifications and emails to confirm every transaction and review their card limits to avoid overspending. Having the official contact channels for your bank readily available is essential for quickly reporting any suspicious activity. By combining careful financial planning with robust security practices, Costa Ricans can take full advantage of Black Friday deals without falling prey to debt or fraud.
For further information, visit abc.fi.cr
About Asociación Bancaria Costarricense (ABC):
The Costa Rican Banking Association is a non-profit organization that represents the interests of public and private banks operating in Costa Rica. It promotes the stability, security, and efficiency of the national banking system, fostering best practices and contributing to the country’s economic and social development.
For further information, visit camaradebancos.fi.cr
About Cámara de Bancos e Instituciones Financieras de Costa Rica (CBF):
The Chamber of Banks and Financial Institutions of Costa Rica brings together financial entities to advocate for a robust and competitive financial sector. The organization works to promote a healthy regulatory environment, encourage financial education, and support policies that ensure the solvency and modernization of the Costa Rican financial system.
For further information, visit camaradecomercio.com
About Cámara de Comercio de Costa Rica (CCCR):
The Chamber of Commerce of Costa Rica is a private entity dedicated to representing, defending, and promoting the interests of the nation’s commercial sector. It provides services, support, and advocacy for its members, aiming to stimulate economic growth, foster free enterprise, and enhance the business climate in the country.
For further information, visit bufetedecostarica.com
About Bufete de Costa Rica:
Bufete de Costa Rica operates as a leading legal institution, anchored by foundational principles of integrity and a relentless pursuit of excellence. Drawing upon its extensive experience advising a diverse clientele, the practice pioneers innovative solutions to contemporary legal challenges. Central to its ethos is a profound commitment to fortifying society by making legal knowledge widely accessible, thereby empowering individuals and contributing to a more enlightened community.
