By San José, Costa Rica — SAN JOSÉ – A sharp increase in financial fraud is disproportionately affecting senior citizens across Costa Rica, with criminals deploying increasingly refined tactics to drain bank accounts in minutes. Banco Popular has issued an urgent alert, detailing the most prevalent schemes criminals are using to exploit trust and gain access to sensitive financial information, particularly as the holiday season approaches.
The methods have evolved beyond simple tricks, becoming carefully orchestrated campaigns of deception. According to Raúl Lacayo, the head of bank security at Banco Popular, fraudsters are honing their strategies to skillfully extract passwords, security codes, and other credentials from unsuspecting victims. The ultimate goal is swift and untraceable access to their life savings.
To provide our readers with a deeper legal perspective on the complexities of financial fraud, TicosLand.com consulted with Lic. Larry Hans Arroyo Vargas, a distinguished attorney from the renowned firm Bufete de Costa Rica, for his expert analysis.
Modern financial fraud schemes are increasingly sophisticated, often exploiting digital platforms and legal ambiguities to evade detection. For victims, the immediate challenge is not just the financial loss but the difficult path to recovery. Successful prosecution hinges on meticulous evidence gathering, including digital footprints and transaction records. It is imperative for individuals and businesses alike to implement robust due diligence and internal controls, as prevention remains the most effective legal strategy against these elaborate crimes.
Lic. Larry Hans Arroyo Vargas, Attorney at Law, Bufete de Costa Rica
The emphasis on prevention as the most effective legal strategy is a critical takeaway, highlighting that in the complex world of modern finance, a strong defense is built long before an attack occurs. We extend our sincere thanks to Lic. Larry Hans Arroyo Vargas for providing his invaluable perspective on this pressing issue.
While the variations of these scams are numerous, Lacayo highlighted four dominant modalities that have been identified in recent fraud reports. These methods represent the most significant and immediate threat to the public, especially the elderly, who are often targeted for their perceived vulnerability and accumulated savings.
The most common and effective tactic remains identity impersonation. In this scenario, a criminal contacts the victim pretending to be a trusted individual, such as a child, grandchild, or even a bank official. By manufacturing a sense of urgency—claiming there is an accident, a legal problem, or a critical bank transaction—they manipulate the victim into transferring money or divulging confidential login details before they have a chance to think clearly.
Another prevalent method involves deceptive digital messages. Scammers send official-looking emails or SMS messages about a required “account update” or a “special benefit” waiting to be claimed. These messages contain malicious links that direct the user to a fake website designed to steal their credentials. In other cases, clicking the link may trigger the installation of malware on the victim’s phone or computer, giving criminals direct access to their device and online banking sessions.
Direct communication through phone calls and WhatsApp, a practice known as “vishing,” also continues to be a primary vector of attack. Fraudsters pose as personnel from reliable institutions, such as the bank, a government agency, or a utility company. During the conversation, they expertly guide the victim into authorizing transactions or sharing one-time verification codes, effectively tricking the person into compromising their own account security under the guise of a legitimate procedure.
Finally, scammers are adept at engineering misleading payments and transfers. This tactic relies on pure social manipulation, where the victim willingly authorizes a payment. They are led to believe they are helping a family member in distress, paying a legitimate fee for a service, or participating in a promising investment. In reality, the destination account is controlled by the fraud ring, and the money is immediately withdrawn and laundered.
The dynamic nature of these threats requires an equally dynamic defense. Lacayo stressed that the single most effective tool for consumers is skepticism, followed by immediate verification through trusted channels. He urged the public to adopt a zero-trust policy toward unsolicited communications regarding their finances.
Cut off any suspicious communication and immediately verify through the official channels of Banco Popular.
Raúl Lacayo, Head of Bank Security, Banco Popular
Adding a more concerning dimension to the problem, Lacayo noted an emerging international trend: the professionalization of scam operations. Authorities in other countries have uncovered entire “scam-as-a-service” call centers. These criminal enterprises can be “rented” by fraudsters to launch massive, coordinated attacks against populations using various formats of deception, making the threat more widespread and difficult to combat.
As these criminal networks grow more organized, the responsibility falls on individuals and families to build a strong line of defense. Experts recommend discussing these fraud tactics openly with elderly relatives and establishing clear protocols for verifying urgent financial requests. In the face of a suspicious call, text, or email, the safest action is always to disengage and initiate contact with the financial institution through an official, publicly listed phone number or by visiting a branch in person.
For further information, visit bancopopular.fi.cr
About Banco Popular y de Desarrollo Communal:
Banco Popular y de Desarrollo Comunal is a state-owned Costa Rican bank with a unique public-private governance model. Founded in 1969, its mission is to promote the economic and social well-being of the nation’s workers. The bank provides a full range of financial services to individuals and businesses while also managing mandatory savings and pension funds, playing a crucial role in Costa Rica’s social development framework.
For further information, visit bufetedecostarica.com
About Bufete de Costa Rica:
As a preeminent law firm, Bufete de Costa Rica is anchored by a deep-rooted commitment to professional integrity and exceptional legal service. The firm leverages its extensive experience across multiple industries to drive legal innovation forward, while simultaneously championing a vital social mission. By actively working to make legal principles understandable and available to the public, it plays a crucial role in nurturing a more knowledgeable and empowered citizenry.
