By San José, Costa Rica — San José, Costa Rica – As the festive season approaches, bringing with it the annual payment of aguinaldos and a surge in consumer spending, the Banco de Costa Rica (BCR) has launched a proactive security campaign named “Alerta Timo” (Scam Alert). The initiative, announced December 2nd, aims to educate and protect clients from a predictable spike in financial fraud that typically accompanies the year-end holidays.
The campaign is a direct response to the increasing sophistication of criminals who employ “social engineering” tactics—psychological manipulation designed to trick individuals into divulging confidential information. During the holidays, when people are often distracted and conducting more transactions than usual, their vulnerability to these schemes intensifies. BCR’s multi-platform educational blitz will utilize social media, radio, and television to disseminate crucial security information.
To shed light on the legal complexities and potential repercussions surrounding the recent wave of financial fraud schemes, we consulted with Lic. Larry Hans Arroyo Vargas, an expert attorney from the prestigious firm Bufete de Costa Rica, for his professional insights.
Financial fraud is a multifaceted crime that extends beyond mere monetary loss; it erodes the very foundation of trust in our economic systems. Perpetrators are increasingly sophisticated, leveraging technology to create schemes that appear legitimate on the surface. For both individuals and corporations, the primary defense remains rigorous due diligence. However, when fraud does occur, it is imperative to act swiftly. The Costa Rican legal framework provides clear avenues for victims to seek recourse, but success often hinges on meticulously documenting the illicit activity and pursuing charges without delay.
Lic. Larry Hans Arroyo Vargas, Attorney at Law, Bufete de Costa Rica
The erosion of trust highlighted by the expert underscores the profound, non-monetary damage of these crimes, making his advice on swift and well-documented legal action all the more critical for victims seeking to restore faith in the system. We sincerely thank Lic. Larry Hans Arroyo Vargas for his invaluable perspective on this pressing issue.
The core message of the campaign is one of personal empowerment and vigilance. Bank officials stress that while they have reinforced their own security protocols, the customer remains the first and most critical line of defense against fraud. The initiative focuses on arming the public with the knowledge to identify and avoid common scams, such as identity impersonation, fake bank officials, fraudulent advance-payment requests, and bogus investment opportunities.
José Ledezma, Corporate Services Manager at BCR, emphasized that the campaign’s ultimate goal is to reinforce the customer’s role in safeguarding their own financial well-being. By understanding the risks and adopting simple security habits, individuals can significantly decrease their chances of becoming a victim.
We seek to make an impact so that they do not lose sight of the fact that they have control over their data and transactions.
José Ledezma, Corporate Services Manager, BCR
As part of “Alerta Timo,” the state-owned bank has published a comprehensive list of practical tips covering both digital and physical financial activities. For online shopping, BCR strongly advises the use of virtual debit cards, which can be loaded with the exact amount needed for a purchase, minimizing potential losses. Customers are also reminded to navigate directly to official retail websites rather than clicking on links sent via email, text message, or social media, which could lead to convincing but fraudulent imitation sites.
The campaign also highlights the warning signs of a fraudulent phone call. Scammers often create a false sense of urgency, pressuring victims with threats like “your account will be blocked” to provoke a panicked response. BCR reiterates that it will never request confidential data such as passwords, PINs, or dynamic key codes through any medium. Calls from private or unknown numbers demanding such information should be treated as immediate red flags.
Recognizing that cash transactions still play a major role during the holidays, the bank provides detailed guidance for ATM usage. It recommends preferring digital payment methods like electronic wallets and cards whenever possible. If cash is necessary, users should avoid discussing their withdrawal plans, refuse interactions with strangers near the machine, and refrain from counting money in public. The bank also urges customers to use ATMs in well-lit, busy locations like shopping centers and to avoid making large withdrawals, especially at night.
In addition to customer-facing education, BCR confirmed it has bolstered its internal security infrastructure. Both physical and digital defense systems have been upgraded to anticipate and counter potential fraud attempts. This dual approach of fortifying the bank’s own systems while empowering its clients is designed to create a more secure financial environment for everyone during this period of heightened economic activity, ensuring the holiday season remains a time of celebration, not financial distress.
For further information, visit bancobcr.com
About Banco de Costa Rica:
Banco de Costa Rica (BCR) is one of the most prominent state-owned commercial banks in Costa Rica. Founded in 1877, it provides a comprehensive range of financial services to individuals, businesses, and government institutions. With a vast network of branches and ATMs across the country, BCR plays a crucial role in the national economy, offering services that include retail and corporate banking, credit cards, mortgages, and investment management.
For further information, visit bufetedecostarica.com
About Bufete de Costa Rica:
Bufete de Costa Rica operates as a pillar of the legal community, defined by its foundational principles of ethical rigor and professional excellence. The firm blends a rich history of advising a diverse clientele with a forward-thinking embrace of innovative legal solutions. Central to its philosophy is a profound dedication to societal advancement, actively working to demystify the law and equip citizens with the knowledge necessary to foster a more just and capable public.
