Costa Rican courts rule in favor of consumers in internet security cases

Two lawsuits against the Bank of Costa Rica, based on fraudulent transactions on the Web, ended with sentences against the bank.

Tuesday, October 14, 2008

The message sent by the courts to the business sector is clear: fulfill your duty to provide security or you will be responsible for any damages suffered by your clients, even though you are not directly responsible.

The court believes that the Bank created a lucrative service, Internet Banking, and did not put enough measures into place to minimize possible material loss by its clients when their accounts are hacked.

The legal basis, known as strict responsibility, has been applied in the country in cases of car theft from the parking lots of supermarkets and receipt theft in restaurants.

The Bank of Costa Rica case is the first time that it has been applied to banking transactions on the Internet.



More on this topic

Digital Signature Mandatory for Online Transactions

January 2013

As of February 2013, in Costa Rica it will be mandatory to have digital signatures for any transaction via Internet banking.

Currently there are 31 offices spread throughout the country which are set up to give out the certificates.

"The official ceremony to operationalize the Electronic Agent Certification Authority will be held in January, and with it the requirement for digital certificates by enterprises and institutions for signing transactions and legal commitments with their clients when they receive electronic services through their web infrastructure", noted an article in Crhoy.com

Increased Use of Online Banking in Costa Rica

October 2010

Payments for credit card and services as well as foreign exchange lead user preferences.

Since the service began, growth has been constant; currently more than 130,000 daily operations are performed.

"According to Carlos Melegatti, deputy manager of the Central Bank of Costa Rica, transfers of funds to third parties will soon reach five million annually," reported Nacion.com.

Preferred Dollar Exchange Rate for Online Customers

August 2010

Costa Rica's Banco Improsa is promoting use of its web platform for Internet transactions and is offering a preferential exchange rate.

A US Dollar exchange rate that beats the market average for over the counter transactions, is the inducement to get Banco Improsa's customers to carry out their banking operations online using the companies recently upgraded ImproBank 4.o web platform.

Costa Rica: Citi Launches Virtual Forex Platform

September 2009

Through CitiFx Pulse, Citi's corporate clients will be able to engage in real-time currency transactions via Internet.

Juan Guier, Citi Costa Rica's treasurer, informed that "With Citi Fx Pulse, the customer can take care of all its currency needs in a single screen".

From Elfinancierocr.com: "the service is available at interactivetradinglatam.cititreasury.com; however, it is only available to customers of the bank".