By Esteban Arrieta

Banks bet on investment in technology and education campaigns to raise awareness among clients

“Digital security and fraud prevention are among BAC’s main interests,” said Laura Moreno, Vice President of Corporate Relations, Marketing, and Sustainability at BAC. Courtesy/La República.
“Digital security and fraud prevention are among BAC’s main interests,” said Laura Moreno, Vice President of Corporate Relations, Marketing, and Sustainability at BAC. Courtesy/La República.

Amid the pandemic, online banking services experienced significant growth in Costa Rica.

Faster and simpler procedures, with the consequent savings in time and money for users, stand out among the advantages of a more versatile system with more electronic banking services.

However, technology has also resulted in more substantial fraud for its clients, to the extent that 2023 was the second worst year in history for Costa Ricans regarding electronic scams, according to data from the Judicial Investigation Agency (OIJ).

In total, a loss of ¢19.827 billion was reported, while in dollars, the scams amounted to $2.2 million.

The worst record for this type of fraud was precisely in 2021, when Costa Ricans faced mobility restrictions and many stayed home. That year, the amount stolen from bank accounts reached ¢27.319 billion.

Although it might seem that we are better off than in 2021, the truth is that compared to other years, there is a significant and worrying increase.

“Just as the country is fighting crime, banks are battling cybercrime,” said María Isabel Cortés, Executive Director of the Costa Rican Banking Association (ABC), who urged people to be cautious.

Using strong and unique passwords, enabling two-factor authentication, regularly updating software, being wary of emails and links, and verifying the authenticity of websites are some of the recommendations made by experts to stop criminals.

On the other hand, it should be noted that the development of artificial intelligence allows, for example, people without any technical knowledge to release malware or other malicious content to steal bank customers’ information, according to Kaspersky experts.

Given this situation, public and private banks are betting on investing in technology and education campaigns, while also offering various insurance policies to protect clients.

“A significant percentage of the budget is allocated to prevention projects, improvements, and research related to cybersecurity. Additionally, we have two types of insurance available to customers,” said Laura Moreno, Vice President of Corporate Relations, Marketing, and Sustainability at BAC.

7 TIPS TO STOP CYBERCRIMINALS
Caution is essential to protect bank accounts from cybercriminals.

Be aware that a single mistake is enough for your accounts to be compromised and your savings or credit cards to be stolen.

Use strong and unique passwords Create complex passwords using a combination of uppercase and lowercase letters, numbers, and symbols. Do not reuse passwords across different accounts and consider using a password manager to keep them secure. Regular changes are recommended.
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.
Regularly update your software Keep your operating system, web browser, and any other software updated with the latest patches and security updates. Cybercriminals often exploit vulnerabilities in outdated software.
Be cautious with suspicious emails and links Do not click on links or download attachments from unknown or suspicious email senders. Phishing emails are a common tactic to steal personal and financial information.
Verify website authenticity Make sure the websites you visit are legitimate. Look for “https://” in the URL and a lock icon in the browser’s address bar.
Regularly monitor your accounts Check your bank and credit card statements frequently for unauthorized transactions.
Education Stay informed about the latest electronic fraud tactics and educate your family on how to recognize and avoid potential threats. Awareness is one of the best defenses against fraud.

BANKS BET ON TECHNOLOGY AND EDUCATION CAMPAIGNS
Banks have implemented a series of measures to mitigate the risk of electronic fraud, either by investing in technology or conducting education campaigns.

The main goal is to protect their clients’ savings and investments.

MARÍA ISABEL CORTÉS

Executive Director
Costa Rican Banking Association

Just as the country is fighting crime, banks are battling cybercrime. There is a clear commitment from banks to their clients to protect investments and savings with cutting-edge technology and thus guarantee and safeguard their clients’ information.

The pandemic left us with significant growth in the use of banking services in electronic branches and applications.

LAURA MORENO

Vice President of Corporate Relations
Marketing and Sustainability BAC

Digital security and fraud prevention are among BAC’s main interests.

Therefore, we continuously work on two main fronts: technological development (improving technological capabilities in fraud identification and prevention) and constant digital education and training campaigns.

A significant percentage of the budget is allocated to prevention projects, improvements, and research related to cybersecurity. Additionally, we have two types of insurance available to customers.

RAÚL LACAYO

Head of Security
Banco Popular

The massive use of digital tools has similarly increased the risks of cybercrimes, and this happens worldwide due to the actions of criminal groups, some of them transnational.

People must always be alert, not only in financial activities but also regarding everything that involves money, such as online shopping, open exchange markets, rentals, and overly tempting offers, all of which can be forms of scams that complement the amounts reported as cyber fraud.

SERGEY SOLDATOV

Head of Security Operations Center
Kaspersky

We have detected an increasing amount of malware without visible traces of active human participation in the attacks, which can be explained by the “commodification of tools.” Targeted attacks are now planned more carefully and become more dangerous.

Therefore, we recommend using automated and effective cybersecurity solutions managed with the help of experienced SOC analysts.

Reference