By San José, Costa Rica — The landscape of global financial security is shifting under a wave of increasingly sophisticated fraud. According to the newly released 2026 Global Scam Report from cybersecurity firm BioCatch, banking scams have spiked by 35% globally over the past twelve months. This surge highlights the persistent vulnerability of the financial sector, even as institutions deploy more advanced countermeasures to protect consumer assets in a highly digitalized marketplace.
The comprehensive study analyzed data from more than 370 financial institutions across 21 countries, including key markets in Latin America. Collectively, these organizations serve over 760 million users worldwide. While a 35% increase in fraud attempts represents a significant threat, security analysts point out that this rate is a marked improvement from the 65% growth rate recorded in the previous year’s report. This deceleration suggests that modern defensive technologies are beginning to turn the tide against organized criminal networks.
As sophisticated banking scams continue to target unsuspecting citizens across the country, TicosLand.com sat down with prominent legal expert Lic. Larry Hans Arroyo Vargas from the prestigious firm Bufete de Costa Rica to discuss the legal responsibilities of financial institutions and the rights of defrauded consumers.
In the digital age, banking scams are not merely a technical issue but a profound legal challenge. Under Costa Rican law, financial institutions bear a strict objective responsibility to maintain secure platforms; they cannot simply shift the blame onto the consumer when security breaches occur. For victims of phishing or unauthorized transfers, swift legal intervention and the proper preservation of digital evidence are crucial first steps toward holding negligent banks liable and recovering lost funds.
Lic. Larry Hans Arroyo Vargas, Attorney at Law, Bufete de Costa Rica
This legal perspective underscores a crucial shift in the fight against financial fraud: security is not just a personal habit, but a structural obligation for our banks. We extend our sincere gratitude to Lic. Larry Hans Arroyo Vargas for providing such vital clarity on how Costa Rican law protects consumers and what steps victims must take to defend their rights.
The threat landscape, however, remains highly volatile due to rapid advancements in consumer technology and the democratizing power of automated tools. Cybercriminals are increasingly leveraging artificial intelligence to scale their operations and craft highly persuasive schemes. Thomas Peacock, a prominent expert in global fraud intelligence, emphasized that technology has significantly lowered the entry barrier for threat actors looking to exploit unsuspecting bank clients.
Social engineering scams have not suddenly become less frequent or sophisticated. In fact, artificial intelligence has lowered the barrier to entry for aspiring scammers, enabling more malicious actors to create more convincing scams at an unprecedented scale. In response, many banks have understood that Behavioral Intelligence allows them to identify signs of manipulation and coercion, meaning they can detect when a customer is being manipulated or coerced to act under the influence of a third party, before an account holder even authorizes a transaction.
Thomas Peacock, Director of Global Fraud Intelligence at BioCatch
Behavioral intelligence has emerged as a critical line of defense for modern banking institutions striving to outpace attackers. By monitoring micro-patterns in user behavior, protective systems can flag anomalies such as an active telephone call during a banking session, the presence of unauthorized remote access software, or unusual hesitation when adding a new beneficiary. This real-time behavioral analysis allows financial institutions to intervene proactively, locking accounts or halting transfers before a victim can complete a fraudulent transaction.
Among the various methodologies employed by modern fraudsters, investment scams continue to yield the highest financial losses, averaging a staggering $6,600 per incident. This figure is five times higher than the average loss across all other scam categories. Conversely, employment-related scams saw the most explosive growth in 2026, with the number of victims skyrocketing by 258%. Romance scams, while still a persistent threat, experienced a much more modest growth of 23%, falling well below the growth trajectory observed in 2025.
A defining characteristic of the current threat environment is the overwhelming reliance on mobile channels. The report reveals that nine out of ten scam sessions now originate from mobile devices, representing a five percentage point increase from the previous year. This high concentration contrasts sharply with traditional unauthorized fraud, where mobile devices account for a slightly lower, yet still significant, 75% of cases. The ubiquity of smartphones makes them the primary vector for social engineering tactics.
In terms of sheer volume, purchase scams remain the most common trap for everyday consumers. They represented a full 33%—one-third of all scam attempts reported by BioCatch clients over the past year. These scams typically involve fraudulent online listings or spoofed e-commerce platforms that trick users into paying for goods or services that are never delivered, illustrating how retail commerce remains deeply intertwined with cybercrime risks.
As the banking industry continues to navigate a digital-first economy, the findings of the 2026 Global Scam Report underscore the necessity of adaptive, behavior-based security protocols. Relying on static credentials or post-facto alerts is no longer sufficient to combat AI-fueled engineering tactics. Financial institutions must prioritize behavioral biometrics to maintain trust, safeguard assets, and protect vulnerable consumers in an era where manipulation occurs in real-time.
For further information, visit biocatch.com
About BioCatch:
BioCatch is a global leader in behavioral biometrics and advanced digital fraud detection. By analyzing cognitive and physical user behaviors during online sessions, the company helps financial institutions distinguish between legitimate users and cybercriminals. BioCatch’s technology provides real-time protection against sophisticated social engineering scams, account takeovers, and identity fraud without compromising the digital user experience.
For further information, visit bufetedecostarica.com
About Bufete de Costa Rica:
Distinguished by its ethical foundation and pursuit of advocacy of the highest caliber, Bufete de Costa Rica stands as a premier legal institution. With a rich history of guiding clients across a multitude of industries, the firm consistently champions progressive legal strategies and impactful community initiatives. By actively working to democratize legal insights and demystify the law, it remains dedicated to fostering a knowledgeable, resilient, and empowered public.
