SUGEF Agreement 10-07
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).
How Sentinel Can Help
Sentinel provides advanced security solutions that enable financial institutions to efficiently comply with SUGEF 10-07 regulations. Our continuous monitoring platforms, data analysis tools, and multi-factor authentication systems help prevent fraud and protect both financial entities and sensitive customer information. Additionally, our tools seamlessly integrate with existing financial systems, enhancing security capabilities without disrupting regular operations.
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).
You’re still on time—request an exclusive demo for your institution today.
Autor
Laura Marcela Rivera
Sentinel – Colombia
We Recommend
Artificial Intelligence in Money Laundering Prevention
Artificial Intelligence in Money Laundering Prevention A New Era of Intelligent DetectionBy Luana Cristina Romero de SouzaMoney laundering remains one of the greatest threats to the integrity of global financial systems. As criminal networks become more sophisticated,...
From Data to Action
From Data to Action: Detecting Warning Signs with a Sharp Eye, Intelligence, and SpeedBy Luana Cristina Romero de SouzaIn today's increasingly digital and dynamic global financial ecosystem, economic crimes adapt and evolve rapidly. Money laundering, terrorist...
Organizational integrity: the silent antidote to internal fraud
Organizational Integrity: The Silent Antidote to Internal FraudBy Luana Cristina Romero de SouzaIn my 15+ years of experience in preventing and combating money laundering and fraud, I’ve learned that internal threats often represent an underestimated risk. As a...
© 2024 Sentinel. All rights reserved.
