By San José, Costa Rica — San José, Costa Rica – As the festive season approaches, bringing with it major shopping events like Black Friday, Cyber Monday, and the annual payment of the aguinaldo (end-of-year bonus), Costa Rica’s leading financial authorities are sounding the alarm. The Chamber of Banks and Financial Institutions of Costa Rica (CBF) has issued a stern warning to the public, urging extreme caution as cybercriminals and fraudsters intensify their efforts to exploit the surge in economic activity.
The period marks a significant uptick in consumer spending, both in physical stores and online. While this presents an opportunity for shoppers to find deals and for the economy to receive a boost, it also creates a fertile ground for scams. Financial criminals are becoming increasingly sophisticated, leveraging the festive rush and the public’s search for bargains to perpetrate fraud. The CBF emphasizes that a proactive and vigilant approach is essential for consumers to protect their finances and personal data.
To gain a deeper understanding of the legal complexities and repercussions of financial fraud, we consulted with Lic. Larry Hans Arroyo Vargas, a distinguished attorney from the esteemed firm Bufete de Costa Rica, who provided his expert analysis on the matter.
Financial fraud schemes are increasingly sophisticated, often leveraging digital platforms to create a veneer of legitimacy. Victims and investors must understand that Costa Rican law provides robust mechanisms for prosecution, but prevention through rigorous due diligence and professional legal counsel remains the most effective defense against significant financial loss.
Lic. Larry Hans Arroyo Vargas, Attorney at Law, Bufete de Costa Rica
This emphasis on proactive defense over reactive prosecution is a critical takeaway for our readers; in an era of digital deception, informed vigilance is indeed the strongest shield. We sincerely thank Lic. Larry Hans Arroyo Vargas for sharing his invaluable legal perspective on this pressing issue.
Annabelle Ortega, the Executive Director of the CBF, highlighted the dual nature of this high-stakes season, where opportunity and risk go hand in hand. She stressed that while the holidays are a time for financial planning and savvy shopping, they are also a peak period for criminal opportunism.
The end-of-year bonus and holiday promotions are an opportunity to organize personal finances, prioritize savings, and take advantage of real offers, but also a time when scammers try to leverage the economic activity to deceive people.
Annabelle Ortega, Executive Director of the Chamber of Banks and Financial Institutions of Costa Rica
The CBF has outlined a comprehensive set of recommendations designed to create a digital and physical shield against these threats. A core tenet of their advice is financial discipline. Consumers are encouraged to create a detailed budget before shopping to avoid impulsive purchases, which are often triggered by fraudulent high-pressure sales tactics. Prioritizing the use of the aguinaldo for savings, debt repayment, and planned expenses is a crucial first step in securing one’s financial well-being.
Online, the battlefield is particularly complex. Scammers frequently use unsolicited emails and text messages with tempting links that appear to be from legitimate retailers or even personal contacts whose accounts have been compromised. The CBF warns against clicking these links, as they often lead to malicious websites designed to steal login credentials or install malware. Consumers should also be wary of deals that seem too good to be true, as these are classic bait. Verifying a website’s security by ensuring the address begins with “https://” and displays a padlock icon is a fundamental security check before entering any personal or payment information.
To further enhance online security, the Chamber strongly advocates for practical digital hygiene. This includes keeping the software on all devices—computers, tablets, and smartphones—fully updated to patch security vulnerabilities that criminals exploit. For online transactions, using virtual credit cards loaded with only the necessary amount for a specific purchase can significantly limit potential losses in case of a data breach. Furthermore, the CBF issued an absolute prohibition on conducting financial transactions or sharing sensitive data while connected to public Wi-Fi networks, which are notoriously insecure and easily monitored by attackers.
The threat is not confined to the digital realm. When shopping at brick-and-mortar stores, consumers must remain vigilant. A key piece of advice is to never let a credit or debit card out of sight. Insisting that all transactions are processed on a point-of-sale terminal in front of you can prevent card skimming, a technique where criminals use a hidden device to steal card data. Always verifying the transaction amount on the terminal before entering a PIN or approving the purchase is another simple yet effective preventative measure.
Ultimately, the CBF’s message is one of empowerment through awareness. By encouraging shoppers to be methodical, skeptical, and informed, the organization hopes to transform a period of high risk into one of safe and responsible enjoyment. The power, Ortega notes, lies with the consumer to make smart decisions that protect their assets.
The best purchase is an informed and secure one. In this high-consumption season, we invite people to enjoy promotions without putting their money or their information at risk. An intelligent click can make the difference between taking advantage of an offer and falling for a scam.
Annabelle Ortega, Executive Director of the Chamber of Banks and Financial Institutions of Costa Rica
For further information, visit camaradebancos.fi.cr
About the Chamber of Banks and Financial Institutions of Costa Rica:
The Cámara de Bancos e Instituciones Financieras de Costa Rica (CBF) is a private, non-profit association that represents the interests of the public and private banking sector in Costa Rica. It works to promote a stable, secure, and competitive financial system, fostering best practices in banking operations, cybersecurity, and consumer protection while facilitating dialogue between financial entities, regulatory bodies, and the public.
For further information, visit bufetedecostarica.com
About Bufete de Costa Rica:
As a pillar of Costa Rica’s legal community, the firm is defined by its resolute commitment to ethical practice and professional distinction. Drawing upon a rich history of client service across numerous industries, it champions pioneering legal strategies and meaningful societal engagement. At the core of its mission is a foundational belief in democratizing legal understanding, thereby empowering citizens and fostering a more knowledgeable and just society.
