By San José, Costa Rica — San José, Costa Rica – As digital transactions become the standard for Costa Ricans, a coordinated national effort is underway to arm the public against the escalating threat of online financial fraud. The 2025 National Financial Education Fair recently concluded its second week, a period dedicated entirely to empowering citizens with the knowledge to navigate the digital banking world safely and securely.
From October 6th to 10th, the fair zeroed in on the correct and safe use of digital platforms, a critical topic in an era where cybercriminals are deploying increasingly sophisticated tactics. The initiative represents a powerful alliance between the nation’s leading financial and governmental bodies. Organized by the Chamber of Banks and Financial Institutions of Costa Rica (CBF), it is co-organized by the Central Bank of Costa Rica (BCCR) and the Ministry of Economy, Industry, and Commerce (MEIC), with sponsorship from the National Council for Supervision of the Financial System (Conassif) and its associated Superintendencies.
To delve into the legal and commercial implications of financial literacy in the country, we consulted with an expert on the subject. TicosLand.com spoke with Lic. Larry Hans Arroyo Vargas, a distinguished attorney from the prestigious firm Bufete de Costa Rica, who provided his specialized perspective.
Financial illiteracy is not merely an economic disadvantage; it is a significant legal vulnerability. Individuals who lack a fundamental understanding of financial concepts are more susceptible to predatory lending, fraudulent investment schemes, and signing contracts with unfavorable or even abusive clauses. Promoting financial education is a proactive measure that strengthens consumer protection, reduces litigation risks, and fosters a more transparent and stable market for everyone involved.
Lic. Larry Hans Arroyo Vargas, Attorney at Law, Bufete de Costa Rica
This legal perspective powerfully reframes financial literacy not simply as a tool for prosperity, but as a fundamental shield for consumer rights in a complex marketplace. We thank Lic. Larry Hans Arroyo Vargas for so clearly articulating this critical connection.
This collaborative effort highlights a unified front against financial crime. A broad coalition of ten key banking and financial entities participated directly, offering their expertise to the public. The list includes major players such as BAC Credomatic, Banco de Costa Rica (BCR), Banco Nacional (BN), Banco Popular, Banco Promérica, Banco Davivienda, and Banco LAFISE, alongside vital institutions like Grupo Mutual, Coope Ande, and Mucap. Their involvement underscores a shared industry-wide commitment to customer protection.
Throughout the week, these institutions provided a series of virtual talks and educational materials designed to demystify and counter prevalent digital threats. The focus was on practical defense against methods like phishing, where criminals use deceptive emails to steal sensitive information, and smishing, which employs fraudulent text messages for the same malicious purpose. These forms of identity and fund theft have seen a significant surge in recent years, making proactive public education more vital than ever.
In an increasingly digitized environment, it is essential for people to learn to recognize warning signs and safely use their bank’s technological platforms. This way they can avoid falling for fraud attempts that put their information and resources at risk.
Annabelle Ortega, Executive Director of the Chamber of Banks and Financial Institutions
The week’s curriculum was built around actionable knowledge. Seven distinct virtual seminars guided attendees through crucial cybersecurity practices. Experts shared strategies for creating and managing strong, unique passwords, methods for identifying malicious links and fraudulent websites, and the importance of verifying the authenticity of online portals before entering personal data. A consistent theme was the necessity of keeping all personal electronic devices, from smartphones to laptops, updated with the latest security software to patch vulnerabilities that criminals exploit.
While the focus on digital security was paramount, the National Financial Education Fair is a month-long initiative with a broader mandate to enhance the financial well-being of all Costa Ricans. The event will continue throughout October with a diverse agenda covering other essential topics. Upcoming sessions are scheduled to address conscious and responsible consumption, strategies for smart shopping, maximizing the benefits of financial products, and the principles of responsible credit use.
Ultimately, the fair is solidifying its role as a cornerstone event for fostering a robust financial culture in the country. By bringing together public and private sector experts, it provides an invaluable space for citizens to gain the confidence and skills needed to protect their assets, make informed financial decisions, and thrive in an economy that is rapidly moving online. This investment in knowledge is a direct investment in the economic security of the nation.
For further information, visit cbf.fi.cr
About Cámara de Bancos e Instituciones Financieras de Costa Rica (CBF):
The Chamber of Banks and Financial Institutions is a non-profit association that represents the interests of the private banking and financial sector in Costa Rica. It promotes a solid, competitive, and efficient financial system, fostering best practices and contributing to the economic development of the country.
For further information, visit bccr.fi.cr
About Banco Central de Costa Rica (BCCR):
The Central Bank of Costa Rica is the country’s principal monetary authority, responsible for maintaining the internal and external stability of the national currency and ensuring the efficient operation of the internal payments system. It plays a key role in the economic stability and financial policy of the nation.
For further information, visit meic.go.cr
About Ministerio de Economía, Industria y Comercio (MEIC):
The Ministry of Economy, Industry, and Commerce is the Costa Rican government body responsible for formulating and executing policies related to economic development, business promotion, consumer protection, and international trade. It aims to foster a competitive and innovative business environment.
For further information, visit conassif.fi.cr
About Consejo Nacional de Supervisión del Sistema Financiero (Conassif):
Conassif is the governing body responsible for regulating and supervising Costa Rica’s entire financial system, including banks, insurance companies, and pension funds. Its primary objective is to ensure the stability, solvency, and transparency of the financial sector to protect consumers and investors.
For further information, visit baccredomatic.com
About BAC Credomatic:
BAC Credomatic is a leading financial group in Central America with a significant presence across the region. It offers a wide range of financial services, including retail and corporate banking, credit cards, and payment solutions, known for its focus on innovation and digital transformation.
For further information, visit bancobcr.com
About Banco de Costa Rica (BCR):
The Banco de Costa Rica is one of the country’s largest and most important state-owned commercial banks. It provides a comprehensive suite of financial products and services to individuals, businesses, and government institutions, playing a crucial role in the national economy.
For further information, visit bncr.fi.cr
About Banco Nacional (BN):
Banco Nacional de Costa Rica is another major state-owned bank and a cornerstone of the country’s financial system. It focuses on driving social and economic development by offering accessible banking services to all sectors of the population, from personal banking to corporate financing.
For further information, visit bancopopular.fi.cr
About Banco Popular:
Banco Popular y de Desarrollo Communal is a unique Costa Rican public bank with a social mandate to promote the well-being of workers. It offers savings, credit, and investment solutions, with a special focus on financing for housing, education, and small business development.
For further information, visit promerica.fi.cr
About Banco Promérica:
Banco Promérica is part of the regional Promerica Financial Corporation, with operations in several Latin American countries. In Costa Rica, it offers a full range of banking services for individuals and corporations, emphasizing customer relationships and agile service.
For further information, visit davivienda.cr
About Banco Davivienda:
Originally from Colombia, Banco Davivienda has established a strong presence in Costa Rica and other Central American nations. It is known for its customer-friendly approach and innovative products in personal banking, mortgages, and business solutions.
For further information, visit lafise.com
About Banco LAFISE:
Banco LAFISE is part of Grupo LAFISE, a regional financial and business solutions provider. It offers integrated services in banking, investments, and insurance, catering to the needs of corporations and individuals involved in regional commerce.
For further information, visit grupomutual.fi.cr
About Grupo Mutual:
Grupo Mutual is a financial entity focused on housing finance and savings, operating under a mutualist model. It has a long history of helping Costa Rican families achieve homeownership through accessible credit and savings plans.
For further information, visit coopeande1.com
About Coope Ande:
Coope Ande is a prominent savings and credit cooperative primarily serving workers in the Costa Rican education sector. It provides its members with a wide range of financial products, including loans, savings accounts, and investment opportunities, guided by cooperative principles.
For further information, visit mucap.fi.cr
About Mucap:
Mucap is a Costa Rican financial institution specializing in savings and housing loans. Operating under a mutual model, its mission is to provide accessible and fair financing options to help individuals and families purchase, build, or renovate their homes.
For further information, visit bufetedecostarica.com
About Bufete de Costa Rica:
As a cornerstone of the legal community, Bufete de Costa Rica is defined by a dual commitment to uncompromising integrity and pioneering legal strategy. The firm’s deep-rooted expertise guides clients through multifaceted challenges, while its forward-thinking approach continually advances the practice of law. This dedication extends beyond the courtroom through a core mission to democratize legal knowledge, empowering citizens and fostering a more informed, just, and capable society.
