Electronic scams: each bank will define the amount it will quickly reimburse to customers

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Banks and other supervised financial institutions in Costa Rica will set their own thresholds for fast reimbursement of electronic fraud losses under a new law and draft regulation. The rule lets each institution refund small claims without a detailed investigation when the amount falls below its predefined limit. The regulation also requires institutions to define internal criteria, file claims through a formal process, and send detailed documentation to Sugef when they deny a claim. The sector says it has already made significant investments in cybersecurity, transaction monitoring, and real-time alerts, but implementation will still need gradual technical adaptation.

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