Regulatory Alerts2015-04-30 | JB-2015-3387Resolution No. JB-2015-3387 of the Banking Board of Ecuador
The Banking Board of Ecuador issued Resolution No. JB-2015-3387 to reject the appeal filed by Banco Nacional de Fomento regarding a customer's claim for unauthorized ATM withdrawals. The Board confirmed the administrative order requiring the bank to refund USD 2,914.00 to the customer, ruling that the bank failed to ensure adequate security measures against card cloning and fraud. The decision establishes that financial institutions bear responsibility for the security of their electronic channels and cannot shift liability to customers for losses resulting from institutional security failures.
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