Regulatory Alerts2015-07-09 | JB-2015-3513Resolution of the Banking Board JB-2015-3513
The Banking Board of Ecuador accepted the review appeal filed by Diners Club del Ecuador S.A. and annulled the administrative acts issued by the Regional Intendancy of Guayaquil that had ordered the restitution of unauthorized credit card charges. The Board ruled that the merchant complied with verification obligations by checking the cardholder's ID and that the cardholder was liable for charges made before reporting the theft, as the report was submitted after the transaction occurred. This decision aligns with regulatory provisions requiring immediate notification of card loss or theft to shift liability to the issuer.
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