SUGEF 10-07: A Pressing Challenge for Financial Institutions in Costa Rica

Are You Ready to Prevent Digital Fraud in 2025 and Comply with the Regulation?

The General Superintendency of Financial Institutions (SUGEF) of Costa Rica has introduced the SUGEF 10-07 regulation, set to take effect in 2025, aiming to strengthen digital fraud prevention in financial institutions. This regulation mandates the implementation of advanced controls to safeguard user accounts and funds against rising cyber threats.

Which Financial Institutions Are Affected?

The regulation specifically applies to entities under SUGEF supervision, including banks, savings and credit cooperatives, financial corporations, and any institution managing financial transactions. These entities must strengthen their security systems around users’ digital activity, making the detection of atypical transactions more effective.

The Importance of Implementing Anti-Fraud Technologies

To comply with SUGEF 10-07 requirements, financial institutions must adopt technological solutions that monitor user behavior in real time, detect anomalous patterns, and verify transaction authenticity. Key aspects of the regulation include monitoring customers’ electronic devices, browsers, and network connections. These technologies enable institutions to take preventive action against digital fraud before it occurs (BNamericas.com).

Why Act Now?

Although the regulation will be mandatory in 2025, this year is the perfect time to start evaluating the necessary solutions. Institutions that act in advance will not only be better prepared for compliance but will also gain customer trust by providing a more secure financial environment. Implementing technological solutions now ensures that, by the deadline, institutions will be fully ready and meet regulatory expectations (Infolaft) (BNamericas.com).

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