QCOSTARICA — During the pandemic, there was a notable increase in the usage of online banking services in Costa Rica.
Faster and simpler procedures, resulting in time and cost savings for users, stand out among the advantages of a more versatile system with more electronic banking services.
However, technology has also led to larger frauds for its clients, to such an extent that 2023 was the second worst year in history for Costa Ricans (Ticos) in terms of electronic scams, according to data from the Organismo de Investigación Judicial (OIJ).
In total, a loss of ¢19.8 billion colones and US$2.2 million dollars was reported.
The worst year was in 2021, when there was a notable increase in electronic scam, with the highest recorded amount stolen from bank accounts being ¢27.3 billion colones. This surge in fraudulent activity coincided with health mobility restrictions in Costa Rica, leading to more people staying at home.
Although at first glance it could be said that we are better off than in 2021, the truth of the matter is that if we compare it with other years, there is significant and worrying growth.
“Just as the country is crime, banks are facing a battle against cybercrime,” said María Isabel Cortés, Executive Director of the Costa Rican Banking Association – the Asociación Bancaria Costarricense (ABC) – who called on people to be cautious
Using strong and unique passwords, enabling two-factor authentication, updating software regularly, being extremely careful with emails and links, and verifying the authenticity of websites are some of the recommendations by experts to stop cybercriminals.
On the other hand, it must be taken into account that the development of artificial intelligence allows, for example, people without any type of technical knowledge to release “malware” or other types of malicious content, with the aim of stealing information from banking clients, according to Kaspersky experts.
Faced with this situation, public and private banks are investing in technology and education campaigns, while offering different insurance to protect clients.
“In 2021, there was a notable increase in fraud cases of this nature, with the highest recorded amount stolen from bank accounts being ¢27.3 billion colones. This surge in fraudulent activity coincided with health mobility restrictions in Costa Rica, leading to more people staying at home,” according to Laura Moreno, vice president of corporate relations, at the BAC.
Tips to stop cybercriminals
Be extra careful in order to protect your bank accounts from cybercriminals. Following are some useful suggestions on how to accomplish that.
- Use strong, unique passwords. Create complex passwords using a combination of upper and lower case letters, numbers, and symbols. Don’t reuse passwords across different accounts and consider using a password manager to keep them secure. It is recommended to make regular changes to your passwords.
- Enable two-factor authentication. Add an extra layer of security to your accounts by enabling two-factor authentication whenever possible. This requires a second verification step, such as a code sent to your phone, in addition to your password.
- Update your software regularly. Keep your operating system, web browser, and any other software up to date with the latest patches and security updates. Cybercriminals often exploit vulnerabilities in outdated software. That pesky reminded to update software on your computer or app on your phone is for your protection.
- Be careful with suspicious emails and links. Daily I receive emails requesting that I click on a link to review various documents such as invoices, payment notifications, and orders, among others. The content of these emails is quite diverse and imaginative. Do not click on links or download attachments from emails from unknown or suspicious senders. Phishing emails are a common tactic for stealing personal and financial information.
- Check the authenticity of websites. Make sure the websites you visit are legitimate. Look for “https://” in the URL and a lock icon in the browser’s address bar. Look at the top bar of this page, for example, it starts with https://qcostarica.com/…
- Monitor your accounts regularly. Review your online bank account regularly, even daily, if necessary, and question any unknown charges to the account. Same with credit card statements frequently to detect unauthorized transactions.
- Education. Stay informed on the newest online scams and fraud tactics and educate your family members how to identify and steer clear of possible dangers. Being aware is crucial in protection against fraud.
