Costa Rica Regulator Mandates Stronger Bank Cyber Fraud Controls

Costa Rica's financial regulator (Sugef) is requiring banks to implement two-factor authentication, near-real-time transaction alerts, product blocking on complaints, and evidence-based rejection justifications to combat cyber fraud. This marks a regulatory tightening of consumer protection standards in the financial sector, with compliance costs and operational changes expected for banks. The directive signals a regional trend toward stricter cyber fraud mitigation in Latin American banking.